Noreco reports third quarter 2013 results

Stavanger, 28 November 2013: Norwegian Energy Company ASA (Noreco) today presents its third quarter 2013 report, with a negative EBITDA of NOK 284 million and a net loss of NOK 569 million for the period. 

The results for the quarter were marked by a number of significant one-off write-offs and write-downs related to exploration, discoveries and fields.

A significant event since the previous quarterly presentation is the refinancing of the company, which was approved in November. An issue of new shares of up to NOK 530 million has been decided, and the company’s bond debt has been restructured; as accounted for in previous releases from the company.

Another important event was the successful drilling of the Gohta licence in the Barents Sea, where a significant amount of oil was proven in a reservoir with very good production properties. The preliminary estimate of the size of the discovery is 113-239 million boe. Noreco’s share of this is 20 percent.

The production from Noreco’s fields was unstable through large parts of the third quarter. Average production for the quarter was 3 117 boe per day. The three Danish fields Nini, Nini East and Cecilie remain shut down. The Huntington field on the UK continental shelf is now ramping up production, as previously reported, and is currently producing at around 4 500 boepd net to Noreco.

For further information and details on Noreco’s quarterly accounts, please see the attached report for the third quarter 2013. The report and presentation are also available at www.newsweb.no and www.noreco.com.

Noreco will present the results for third quarter 2013 today at 08.30 Norwegian time. The presentation will take place at Felix Kurs og Konferansesenter, Bryggetorget 3, Oslo. The presentation can also be followed by webcast on Noreco’s web page www.noreco.com.

Contact:
Ørjan Gjerde, CFO (0047 900 35 738)

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