Noreco announces third quarter 2016 results
Oslo, 23 November 2016: Norwegian Energy Company ASA (“Noreco”) and the subsidiary Noreco Norway AS (“Noreco Norway”) today announce results for the third quarter of 2016.
During the quarter the court hearing concerning the SIRI insurance claims commenced in Copenhagen. The hearing ended on 2 November and the ruling is expected on 15 December.
Following the completion of the Detnor transaction (the sale of the Norwegian petroleum activities) and in accordance with the amended bond agreement with NOR06 of March 16, 2016, a payment of NOK 18 Million was made towards NOR06 on 30 September. Additionally, the net exploration refund of NOK 8.6 million will be paid on November 30. Furthermore, the company is preparing to file for early tax assessment in order to receive payment of the ‘exit refund’.
The board and management are looking forward to the court ruling on the SIRI insurance claims and in the meantime work to maximise the value of the subsidiaries is progressing well.
There will be a company update hosted at Arctic Securities in Oslo, December 16 at 11:30 CET. Please e-mail events@arctic.com if you wish to attend.
The reports may be downloaded from the company's web site www.noreco.com or www.newsweb.no.
Contact:
Silje Augustson, CEO. Tel.: +47 215 15 707
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About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.