Norwegian Energy Company reports the results from its gas discovery on the Gita field in the North Sea.

"Based on the discovery well our base case is 250 million barrels of oil equivalents with substantial upside," says CEO Scott Kerr.

The drilling results from Gita are very promising. The resource potential is substantial at 600 million barrels of oil equivalents. Noreco`s interest in the discovery is twelve percent.

Noreco's production in the first quarter 2009 was in line with the guidance at 13,625 barrels of oil equivalents, an increase of 43 percent from first quarter 2008. Noreco expects a significant increase in production when the Nini East Field starts up production in the second half of the year. In the first quarter Noreco has added 7.8 million barrels to its reserve base, an increase of 24 percent compared to the reserves at the beginning of the year.

Tags: Norwegian Energy Company ASA