Q3 07 - Continued strong growth
Stavanger, 23 November, 2007: Norwegian Energy Company ASA (OSE:NOR), The Norwegian based oil company Noreco (Norwegian Energy Company ASA) had operating revenues of 392 million NOK in the third quarter of 2007. EBITDA was 120 million NOK and net result after finance and tax was -100 million NOK.
- We continued on our aggressive growth path in the third quarter of 2007. In addition to completing the acquisition of Altinex, we focused and strengthened our activities in the North Sea in line with our strategy, says CEO Scott Kerr.
Noreco was listed on Oslo Børs 9 November 2007. Except the key financials all highlights in 3Q have already been made public in connection with the prospectus, the listing and stock exchange disclosures.
Highlights 3Q 2007:
- Production of 10,350 boed realized at an average price of 72 $/boe
- Acquisition of Altinex ASA completed
- Rig contract for the semi submersible drilling rig West Alpha secured
- Appraisal drilling programme on the Huntington discovery commenced
- Extensive application submitted in the APA 2007 licensing round
- Disposal of non-core assets provided a focused North Sea E&P portfolio
- Oslo Børs listing process
Presentation and 3Q Report
The 3Q report and presentation is attached, and is also available at www.oslobors.no and www.noreco.com.
Noreco will hold a presentation Friday 23 november 10:30 A.M. (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 The web cast will be available at www.noreco.com and at www.oslobors.no/webcast, both live and in an archived version.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)