Noreco Announces First Quarter 2022 Results
Oslo, 10 May 2022: Norwegian Energy Company ASA ("Noreco" or the "Company") today announced its first quarter 2022 results. The quarter delivered both strong production of 28.5 mboepd and financial results with revenues of USD 179 million and EBITDA of USD 107 million. Highlights: • Hydrocarbon production of 28.5 mboepd• Total Revenues of USD 179 million, which compares to USD 105 million in Q1 2021• EBITDA of USD 107 million, compared to USD 29 million in the same period in 2021• Net cash flow of USD 87 million and cash on balance sheet of USD 147 million Net