Stavanger, 1st October 2008: Noreco's average daily production in the third quarter of 2008 was 15 400 boe per day. Sale of oil in September was done at an average oil price of 98 US$ per barrel (116 US$ for Q3). The strong production has further improved the cash position for the company, and parts of the cash has been used to repay debt.
"I am very pleased with the development and value creation in Noreco this year. Our production is increasing and oil prices are still at a high level. The strong cash flow from our production gives us flexibility and we are improving our balance sheet," says Scott Kerr, CEO of Noreco.
The production volumes are preliminary and are subject to adjustments, including final allocations betwefields, quality adjustments and prices.
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