Noreco Q1 08 - Strong operating results in Q1 08
Stavanger, 24 April, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), The Norwegian based oil company Noreco reported operating revenues of 436 million NOK in the first quarter of 2008. EBITDA was 273 million NOK and net result after finance and tax was - 28 million NOK. A new record for sale of crude oil was set at 106 USD per barrel in March.
- We are very pleased with the strong operating result for the first quarter. Noreco's first five exploration wells have all been successful, and drilling on the Brage field has boosted production. Overall we have started the year with higher production than projected and oil prices have remained very strong, says CEO Scott Kerr.
Highlights 1Q 2008:
Outlook
- We have five discoveries that are being progressed towards development, and have a solid position from which to grow the company further. We will continue creating value through our extensive drilling programme and active portfolio management, says CEO Scott Kerr.
The 2008 work program will be funded from cash in hand, existing bank facilities and operating cash flow, as reported in February 2008. The oil price is protected through put options at 75 USD per barrel for 1.7 mill barrels to April 2009. Drilling rigs have been secured for all planned 2008 drilling activities.
Q1 report and presentation
The Q1 report and presentation is attached, and is also available at www.noreco.com and www.oslobors.no.
Noreco will hold a presentation Thursday 24 April at 9 am (Norwegian time) at Felix Konferansesenter, Bryggetorget 3, Oslo. The presentation can also be viewed as a video webcast. The web cast will be available at www.noreco.com and at www.oslobors.no/webcast, both live and in an archived version.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)