Noreco Tops Out at More Than 13,000 B/D in January

Noreco's production in January was 13,700 barrels of oil equivalents per day.

"The performance in our seven producing fields continues to be good, and the underlying production in January is at the same high level that has been established over the last few months," said Noreco's CEO Scott Kerr.

Noreco has over the last few months established a new production level in excess of 15,000 barrels of oil equivalents per day. The underlying production in January is in line with the new level after adjustments for maintenance and shut downs. Production in January was impacted by one week of significantly reduced production on the Brage field due to necessary maintenance, a four day shutdown on the processing platform at Siri and some shut downs at Enoch. All fields are now producing at full rates.

The production in January was up 41% compared to the same month last year.

Sale of oil in January was done at oil prices of US $41 per barrel (before adjustments for put options). Noreco has put options at US $50 and $75 per barrel, and the average net price per barrel oil equivalent achieved for the month will be adjusted for put options as well as adjustments for inventory and NGL and gas prices.

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