Noreco reports first quarter 2013 results

Stavanger, 30 May 2013: Norwegian Energy Company ASA (Noreco) today presents its first quarter 2013 results, with a negative EBITDA of NOK 165 million and a net loss of NOK 273 million.

The Noreco Group had revenues of NOK 216 million in the first quarter of 2013, an increase of 19 percent compared to the first quarter of 2012. Production in the first quarter was 4 042 boe per day, up from 2 893 boe per day for the same period last year. The achieved average oil, gas and NGL price was USD 106 per boe, compared to USD 119 per boe in the first quarter of 2012.

Exploration and evaluation expenses amounted to NOK 243 million, driven by the exploration wells on Romeo, Ogna, Lupin and Scotney which were declared dry during and after the reporting period.

EBITDA (earnings before interest, tax, depreciation and writedowns) in first quarter 2013 amounted to a loss of NOK 165 million, compared to a loss of NOK 147 million in the first quarter 2012.

The net result for the first quarter was a loss of NOK 273 million, compared to a loss of NOK 127 million for the first quarter of 2012.

The first quarter 2013 report and presentation are attached. The documents are also available for download at www.newsweb.no and www.noreco.com.

Noreco will present the results for first quarter 2013 today at 08.30 Norwegian time. The presentation will take place at Thon Conference Vika Atrium, Munkedamsveien 45, Oslo. The presentation can also be followed by webcast on Noreco’s web page www.noreco.com. 

Contacts:
Ørjan Gjerde, CFO (+47 900 35 738)
Kjetil Bakken, Investor Relations Manager ( +47 91 889 889) 

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com