Noreco Sets New Production Record for July

Production from Noreco's portfolio of seven producing fields was very strong at an average 15,700 barrels of oil equivalents (boe) per day for July. Good underlying performance in the fields and the recent acquisition of Talisman Oil Denmark both contributed to the record production for the company.

Oil prices remain very strong. In July, Noreco set new price records for crude oil sales from Denmark and Norway at $USD138 and USD$136 per barrel, respectively. The average net price per barrel achieved for the month was USD$121. The average price per barrel of oil equivalents is after cost of put options and value adjustment for oil inventory.

The production volumes are preliminary and are subject to adjustments, including final allocations between fields, quality adjustments and prices.