Norway: Noreco November Production at 3810 boepd

Noreco in November 2011 produced 3,810 barrels of oil equivalents (boe) per day which is a drop when compared to 4,569 boepd in October. Net realised oil price was USD 115 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field (boe):

Nini East – 2.373

Nini – 535

Cecilie – 512

Lulita – 290

Enoch – 100

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

Noreco on 18th November entered into an agreement to sell its 20 percent share of license PL148 in the North Sea to Lundin Petroleum. The license contains the oil discovery Brynhild (previously called Nemo), where a Plan for Development and Operations (PDO) was recently approved by Norwegian authorities.  Noreco will receive a consideration of USD 2.4 million upon completion of the transaction,in addition to reimbursement of certain costs incurred in the license during 2011.

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Offshore Energy Today Staff, December 6, 2011; Image: Noreco