Noreco reports fourth quarter 2011 results
(Thomson Reuters ONE) -
Stavanger, 29 February 2012: Norwegian Energy Company ASA (Noreco) today
presents its fourth quarter 2011 results, with EBITDA of NOK 12 million and a
net loss of NOK 40 million from continued operations.
"In the fourth quarter Noreco completed a turnaround which provides the company
with a platform for further value creation. In 2012 the plan is to triple oil
production with startup of new fields, and we will execute the most extensive
exploration programme in the history of the company," says Einar Gjelsvik, CEO
in Noreco.
Noreco had revenues of NOK 193 million from continued operations in fourth
quarter 2011, an increase of 13 percent compared to fourth quarter 2010, driven
by higher oil prices which more than compensated for slightly lower production
volumes.
Production in the quarter was 3,524 barrels of oil equivalents per day (boed),
down from 3,624 boed (excluding divested fields) for the corresponding period
the previous year. The reduction is mainly due to lower production regularity.
The achieved oil, gas and NGL prices adjusted for the cost and income from the
put options expiring in the quarter was USD 107 per boe, compared to USD 84 per
boe in fourth quarter 2010.
EBITDA (earnings before interests, tax, depreciation and amortisation) in fourth
quarter was NOK 12 million, compared to a negative EBITDA of NOK 270 million in
fourth quarter 2010. Noreco's net result for the quarter was a loss of NOK 40
million, compared to a net loss of NOK 182 million in fourth quarter 2010.
At the end of fourth quarter Noreco had cash and cash equivalents of NOK 689
million, in addition to available, undrawn credit under the company's reserve-
based bank facility of NOK 737 million.
Noreco was in compliance with all covenants under its loan agreements in the
quarter.
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 2011 today at 08:30 CET. The
presentation will be held by CEO Einar Gjelsvik, and will take place at
Shippingklubben, Haakon VII's gate 1, Oslo. The presentation can also be
followed by webcast on Noreco's web page www.noreco.com both live and in
archived version.
Contacts:
Einar Gjelsvik, CEO, +47 99 28 38 56
Kjetil Bakken, VP Investor Relations, +47 91 88 98 89
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q4 2011 Presentation:
http://hugin.info/138447/R/1589828/499360.pdf
Q4 2011 Report:
http://hugin.info/138447/R/1589828/499354.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1589828]
Unternehmensinformation / Kurzprofil:
Datum: 29.02.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 119767
Anzahl Zeichen: 3506
contact information:
Town:
Stavanger
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 172 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Noreco reports fourth quarter 2011 results"
steht unter der journalistisch-redaktionellen Verantwortung von
NORECO (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
