Noreco Takes FID on Two Halfdan Infill Wells to Increase Gas Production From 2023

The total cost net to Noreco is USD 39 million, implying a total unit development cost of approximately USD 13 per barrel of oil equivalent. Based on expected reserves and forward curves of Brent and TTF from November 2022, the forecast IRR is above 200% with a payback period of c. six months, making the infill wells highly attractive from an economic and strategic perspective. The total cost net to Noreco isUSD 39 million, implying a total unit development cost of approximatelyUSD 13per...

The total cost net to Noreco is USD 39 million, implying a total unit development cost of approximately USD 13 per barrel of oil equivalent. Based on expected reserves and forward curves of Brent and TTF from November 2022, the forecast IRR is above 200% with a payback period of c. six months, making the infill wells highly attractive from an economic and strategic perspective.

"I am delighted to announce this significant milestone for the Danish Underground Consortium (the "DUC") where we have not had drilling activity since 2019. It has never been a better time to invest in further drilling and field development activities to ensure that the recovery from the DUC fields is maximised. Several highly economic opportunities are currently being matured and this is the first of many investment decisions to be made, in line with Noreco's objective to maximise gas output in the short-, medium- and long-term," said Marianne Eide, Chief Operating Officer in Noreco.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contact:
Cathrine F. Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: [email protected]

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