The shut-in well in Siri field was back in full production from the April 6, 2009. On the Brage field, gas injection into the Sognefjord reservoir started for in April 2009. This reduced the gas export from the Brage field in April 2009, but will contribute to increased oil production later in 2009. Drilling is ongoing at Brage and Nini to increase the production from the fields. The Nini East development is progressing according to plan, and will add in excess of 3000 barrels per day to Noreco’s production when the field starts production in fourth quarter 2009.
The achieved price in April 2009 was $55 per barrel of oil equivalent (boe), including a gain from hedging of $6.3 per boe. The net achieved price reflects Noreco’s oil price put options at $50 and 75 per barrel as well as adjustments for inventory and NGL and gas prices.
