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Spent NKr 82 millions on a dry well
Published 29.04.2010 09:07:13 by Elisabeth Kolstad
Noreco spent two thirds of its exploration expenses on the Frusalen well in the first quarter. The total exploration expenses in the quarter were 123 million kroner.
The company presented a net loss of -21 million kroner in the first quarter, an improvement from -46 million in the first quarter in 2009.
EBIDTA was 170 million kroner in the quarter, up 46 per cent from first quarter in 2009.
The total revenues were 481 million in the quarter, which includes 37 million in expected insurance coverage for Siri, compared to 468 million in the first quarter in 2009.
Oil and gas production was 11,375 barrels of oil equivalents per day, up from 5,775 boe in the previous quarter due to the restart of the Siri, Nini and Cecilie fields and startup of the newly developed Nini East field. The realized oil price was USD 74 per boe.
Noreco spent 121 million on production expenses, of which 17 million was related to the Siri shutdown, according to Noreco.
All the fields are now producing, however the Siri area fields are producing below full potential due to limited gas handling capacity at Siri following the startup of Nini East. "Several alternatives for increasing the production volumes from the area are being pursued," according to Noreco.
Lower 2010 production
As a consequence, Noreco's 2010 production is now likely to be in the low end of the previously communicated estimate range of 13,000 - 14,000 barrels per day.
The exploration program for 2010 is unchanged, although the timing of each well may change depending on rig availability. The next well in Noreco's programme is expected to be Zidane-1 in the third quarter.
A well is planned in 2010 on one of the licenses awarded in the APA 2009 awards (PL545). Nine drill or drop drop decisions are to be made by end of 2010, according to Noreco's first quarter report.
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