Noreco reports fourth quarter 2010 results
(Thomson Reuters ONE) -
Stavanger, 17 February 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR)
today presents its fourth quarter 2010 results, with EBITDA of NOK -66 million
and a net result of NOK -135 million. For the full year 2010, EBITDA was NOK
699 million and the net result was NOK 5 million.
Fourth quarter results
Noreco had revenues of NOK 474 million in fourth quarter 2010, an increase of
47 percent compared to fourth quarter 2009 driven by higher production and
higher oil prices achieved. Production in the quarter was 10,365 barrels of oil
equivalents per day (boed), up from 5,775 boed for the same period the previous
year. The achieved oil, gas and NGL prices adjusted for the cost and income from
the put options expiring in the quarter was USD 83.9 per boe, compared to USD
68.5 per boe in fourth quarter 2009.
Production expenses were NOK 143 million, while exploration costs amounted to
NOK 303 million as two dry wells, Dalsnuten and Barchan, were completed during
the fourth quarter.
EBITDA (earnings before interests, tax, depreciation and amortization) in fourth
quarter was NOK -66 million, compared to NOK 134 million in fourth quarter
2009. Net result for the quarter was NOK -135 million, compared to NOK -87
million in fourth quarter 2009.
Outlook
Noreco today presents its production forecast and investment programme for
2011. The company plans to participate in 10 exploration wells, with a
corresponding exploration budget for the year of NOK 1.0-1.1 billion.
Investments in the field developments at Huntington Forties and South Arne phase
III are estimated to be NOK 0.5 billion, while planned investments in existing
fields amount to NOK 0.3 billion.
The company's current production forecast for 2011 is based on a probabilistic
method taking into account both upside and downside risks, resulting in a
forecast range of 8,500 boed (P90) to 10,700 boed (P10) with a mid point (P50)
of 9,550 boed.
Fourth quarter report and presentation
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 2010 today at 08:30 CET. The
presentation will be held by CEO Scott Kerr, and 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 both live and in archived
version.
Contacts:
Scott Kerr, CEO, +47 992 83 890
Kjetil Bakken, Investor Relations Manager, +47 91 889 889
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Noreco Q4 2010 Presentation:
http://hugin.info/138447/R/1489879/425434.pdf
Noreco Q4 2010 Report:
http://hugin.info/138447/R/1489879/425432.pdf
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Source: NORECO via Thomson Reuters ONE
[HUG#1489879]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2011 - 07:02 Uhr
Sprache: Deutsch
News-ID 51601
Anzahl Zeichen: 3709
contact information:
Town:
Stavanger
Kategorie:
Business News
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