Wednesday, March 16, 2011

Det norske oljeselskap ASA reported 2010 annual results; Production up 13.4% over 2009; Plan to produce ~2,000 boepd net in 2011


Det norske reported 2010 annual results. The company reported 2010 annual production of 2,092 boepd (WI), which is 13.4% higher than 2009 annual production of 1,845 boepd. Det norske is planning to invest NOK 300 million ($53.5 million) in 2011 including NOK 220 million ($39.3 million) for development assets.

Highlights:

-- Annual production of 2,092 boepd in 2010

-- Developments in the pipeline

-- Expected post-tax exploration spending in 2011 amounts to approximately NOK 400 million ($71.4 million)

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