Canadian Natural Resources Updates North Sea Production

Canadian Natural Resources Limited, through its subsidiary Ranger Oil, announced that oil and natural gas production in commenced from two of its fields in the central portion of the North Sea core area.

The Kyle field, in which Ranger is the operator with a 40% working interest, commenced production from two wells on April 7, 2001. Production is processed through leased floating production, storage and offloading vessel facilities located at the Curlew field, 11 miles south of Kyle. Production, net to Canadian Natural, will stabilize in excess of 7,000 barrels of light gravity oil per day and five million cubic feet of natural gas per day. The natural gas is transported through an existing pipeline system to markets onshore the United Kingdom. The Kyle field produced 1.5 million barrels of oil during the summer of 2000 on an extended well test from a single well. A further one or two development wells will be drilled in the field over the next year.

At the Banff field, in which Ranger has a 26.2% working interest, production was resumed on March 28, 2001. The Banff field was initially placed on production in February, 1999 but encountered production shut downs due to operational conditions with the leased Ramform FPSO at the Banff field. The owner of the Ramform FPSO removed the vessel from the field in September, 2000 to make modifications and repairs to the vessel. Production, net to Canadian Natural's working interest, from the Banff field will be 6,000 barrels of light gravity oil per day and two million cubic feet of natural gas per day.