Production in March was 12 675 barrels of oil equivalents per day. The production on the Siri field was reduced from 13 March through the end of March due to shut-in of a major producing well. The well is now back in production. The Enoch field had a one week planned shut down in March. All fields are now producing at full rates.

 

The production in the first quarter is in line with Noreco's production guidance for 2009.

 

Drilling of water injection wells at the Brage and Nini fields are ongoing to increase the oil recovery from the fields. The development of the Nini East field is progressing according to plan, and will increase Noreco's production when the field starts production in Q4 2009.

 

The achieved price for the quarter and March was 53 US$ and 55 US$ per barrel of oil equivalent, respectively. The North Sea oil reference price for March was 44 US$ per barrel. The net achieved price of reflects Noreco's oil price put options at 50 and 75 US$ per barrel 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.

 

Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)