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Exploration success for Noreco in the second quarter


Published Jul 23, 2009
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Noreco in Norway

Norwegian Energy Company ASA, Noreco, made three new oil and gas discoveries and received the second largest award in the 20th licensing round in Norway in the second quarter of 2009.

"We demonstrated very strong exploration results in the second quarter, and we are looking forward to continue to execute our selective exploration program and to access new growth opportunities," says CEO Scott Kerr

Exploration success Noreco made important discoveries at Gita, Grosbeak and Gygrid in 2Q 2009, and received 5 licenses in the 20th licensing round in Norway.

Developments progressed towards production Key milestones were met for the developments in the quarter, including installment of the Nini East platform in Denmark and approval of the Oselvar development in Norway. The Nini East development is on track to start production in Q4 2009, giving in excess of 3,000 barrels incremental production net to Noreco.

Tags: Norwegian Energy Company ASA



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