Noreco Q4 07 - Strong operating result
Stavanger, 14 February, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), The Norwegian based oil company Noreco reported operating revenues of 448 million NOK in the fourth quarter of 2007. EBITDA was 278 million NOK and net result after finance and tax was - 77 million NOK.
-Noreco delivered a very strong operating result in the fourth quarter. We reinvested the cashflow from our seven producing fields into our extensive drilling program in line with our strategy. The first 4 wells in our program of 30 exploration and appraisal wells in 3 years have been successful, says CEO Scott Kerr.
Highlights 4Q 2007:
- Operating revenues of 448 MNOK, earnings before interest, tax, depreciation and amortization (EBITDA) of 278 MNOK and a net result after finance and tax of -77 MNOK.
- Production of 10,500 barrels of oil equivalents per day realized at an average price of 83 $ per barrel in the quarter
- Development plan for Nini East submitted
- Extensive drilling program commenced
- Acquisition of 12% interest in license 9/95 and 9/06 in Denmark from Chevron
- Integration of Altinex and Noreco completed
- Loan facility agreement of 800 MNOK provides efficient financing of NCS exploration over the next two years
- Listing on the Oslo Stock Exchange 9 November
Presentation and 4Q Report
The 4Q report and presentation is attached, and is also available at www.noreco.com and www.oslobors.no.
Noreco will hold a presentation Thursday 14 February 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
http://www.cik.no/noreco/080214/080214_noreco.php and at www.oslobors.no/webcast, both live and in an archived version.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)