Presentation

Noreco is a North Sea focused E&P company established in 2005. The company initially focused on Norway, before expanding into Denmark and the UK through strategic acquisitions. It divested its Norwegian assets in 2016 and in late 2018 the company acquired Shell’s 36.8% stake in the Danish Underground Consortium (DUC). The transaction transformed Noreco into the second largest producer in Denmark with a 2020 full-year production of ~28,500 boepd. Noreco is listed on the Oslo Stock Exchange.

DUC is comprised of 15 fields and across four production hubs in the Danish North Sea. Noreco’s share of DUC’s year-end 2P reserves equates to 202 mill boe. The company recently reported 83.5% operating efficiency and a net production of 27,300 boe/day during the first two months of Q2’21, placing current production in the upper range of Noreco’s guidance of 25,500 – 27,500 boe/day. Noreco has oil price hedges in place for 2020-22, providing good visibility on near-term cash flows and stability through the volatile oil price environment witnessed last year.

Tyra is currently in a redevelopment phase including a full modernisation of the facilities to extend the life of the field and increase future production, with a gross potential of >200 mill boe. Once completed, Tyra is estimated to increase Noreco’s net production by ~80%, to ~50,000 boe/day. Following a COVID-19 revision of the project timeline, first gas is now scheduled for Q2’23.