Altinex Expects Production to Rise in Q2

Altinex ASA said that its oil and gas production for the First Quarter 2007 was 9,300 boe/d.

Production in the last part of the quarter was slightly lower than expected due to a late start up of the latest drilled production well on Brage. Further, the water injection on the Nini field is being held back to find out whether there is hydrocarbon communication between the Nini field and the Nini East adjacent discovery. Such information will be useful in optimizing the production plan for the Nini East discovery. In addition, the Siri field had as earlier reported a full production stop caused by an incident with the offshore loading system.

The achieved oil, gas and NGL price adjusted for the cost of oil price hedging was US$56 per boe. The First Quarter 2007 gross income came in at US$47.8 million.

For the Second Quarter 2007, a production in the range of 10.000 boe/day is expected. The increase in production in the second quarter is expected to come from the new Brage production well, giving an estimated extra 1.000 boe/day. The Enoch field expected to come onstream in mid-May.

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