Noreco reports fourth quarter 2012 results

Stavanger, 28 February 2013: Norwegian Energy Company ASA (Noreco) today presents its fourth quarter 2012 results, with a negative EBITDA of NOK 452 million and a net loss of NOK 194 million.

The Noreco group had revenues of NOK 177 million in the fourth quarter of 2012, a decrease of 30 percent compared to the fourth quarter of 2011. Production in the fourth quarter was 3,112 boe per day, down from 4,504 boe per day for the same period last year, of which the divested Siri field contributed with 980 boe per day. The achieved average oil, gas and NGL price was USD 108 per boe, compared to USD 110 per boe in the fourth quarter of 2011.

Exploration and evaluation expenses amounted to NOK 508 million, of which NOK 226 million was related to the period’s activity, driven by the exploration wells on Jette, Juksa/Snurrevad and Romeo. In addition, based on new evaluations of commerciality, the company has expensed NOK 279 million related to previously capitalised cost for suspended wells.

EBITDA (earnings before interest, tax, depreciation and writedowns) in fourth quarter 2012 amounted to a loss of NOK 452 million, compared to a loss of NOK 896 million in the fourth quarter 2011.

The net result for the fourth quarter was a loss of NOK 194 million, compared to a loss of NOK 481 million for the fourth quarter of 2011.

The fourth quarter 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 fourth quarter 2012 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:
Einar Gjelsvik, CEO ( +47 992 83 856)
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

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