Noreco announces fourth quarter 2019 results
Oslo, 25 February 2020: Norwegian Energy Company ASA (“Noreco”) today announced its result for the fourth quarter of 2019. The fourth quarter result was the first full quarter reflecting the acquisition of Shell Olie- og Gasudvinding Danmark B.V. and the successful shut-in of Tyra as part of the redevelopment plan. Halfdan, Gorm and Dan contributed to a stable production of 31.7 mboepd, in line with Company guidance. Highlights• Net production of 31.7 thousand barrels of oil equivalents per day ("mboepd"), post shut-in of Tyra• Adjusted EBITDA of USD 116 million• Cash