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...

OSLO, Norway, 02/12/2022 (informazione.news - comunicati stampa - energia)

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.

" 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.

Cathrine F. Torgersen , EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: ct@noreco.com

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