Noreco reports first quarter 2012 results
(Thomson Reuters ONE) -
Stavanger, 9 August 2012: Norwegian Energy Company ASA (Noreco) today presents
its second quarter 2012 results, with a negative EBITDA of NOK 87 million and a
net loss of NOK 93 million.
«The second quarter results reflect high exploration cost and an increase in
production. We are on track with the plan to triple production this year, and we
are looking forward to a high-impact exploration drilling programme in the
second half of 2012», says Einar Gjelsvik, CEO in Noreco.
The Noreco Group had revenues of NOK 248 million in the second quarter 2012, an
increase of 9 percent compared to second quarter 2011 for continued operations.
The increase was driven by gains from the divestment of the Danish oil discovery
7/06 Rau.
Production in the second quarter was 4,317 boe per day, up from 4,053 boe per
day for the same period last year (excluding divested fields) as the Oselvar
field started producing in April. The achieved average oil, gas and NGL price
adjusted for the cost and income from put options expiring in the second quarter
was USD 97 per boe, compared to USD 112 per boe in the second quarter 2011.
The Rau discovery in licence 7/06 in Denmark was divested in the second quarter.
This resulted in a gain of NOK 23 million which is recorded as Other revenue.
The transaction takes place without consideration, and the gain is related to
reversal of negative excess value.
Production expenses in second quarter were NOK 46 million, compared to NOK 59
million from the same quarter last year for continued operations and NOK 73
million in the first quarter of 2012. Production expenses were positively
impacted by reversal of previous accruals of around NOK 20 million.
Exploration and evaluation expenses amounted to NOK 226 million, reflecting two
dry wells completed during the second quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation) in second
quarter 2012 amounted to a loss of NOK 87 million, compared to a gain of NOK 11
million in the second quarter 2011 from continued operations.
Write-downs amounted to NOK 108 million related to the Cortina discovery in
licence PL471 which was made in 2011. A new evaluation in June 2012 concluded
that the discovery at the moment is not likely to have a commercial value.
Net result for the second quarter was a loss of NOK 93 million, equal to the
result for the second quarter 2011 for continued operations.
The second 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 second quarter 2012 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)
Q2 2012 report:
http://hugin.info/138447/R/1632861/523837.pdf
Q2 2012 presentation:
http://hugin.info/138447/R/1632861/523838.pdf
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originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1632861]
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 173063
Anzahl Zeichen: 4167
contact information:
Town:
Stavanger
Kategorie:
Business News
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