Noreco announces first quarter 2015 results and completion of financial restructuring
Stavanger, 31 May 2015: Norwegian Energy Company ASA (“Noreco” or the “Company”) today announces its first quarter 2015 financial results and provides the following updates. Please note that the first quarter financial results are highly impacted by accounting effects due to the recent financial restructuring. Operating result before depreciation and write-downs (EBITDA) was negative NOK 154 million, reflecting lower production and NOK 107 million exploration and evaluation expenses related to the Xana well. Net profit after tax was however positive NOK 1 794 million. This was