Noreco reports first quarter 2011 results
(Thomson Reuters ONE) -
Stavanger, 5 May 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) today
presents its first quarter 2011 results, with EBITDA of NOK 97 million and a
negative net result of NOK 295 million.
Noreco had revenues of NOK 547 million in first quarter 2011, an increase of 14
percent compared to first quarter 2010, driven by higher oil prices which more
than compensated for lower production volumes. Production in the quarter was
10,355 barrels of oil equivalents per day (boed), down from 11,375 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 103 per
boe, compared to USD 73.5 per boe in first quarter 2010.
Production expenses were NOK 154 million, while exploration costs amounted to
NOK 203 million as the Svaneøgle exploration well did not prove commercial
quantities of hydrocarbons. In addition, costs related to the Ronaldo
exploration well incurred in the first quarter have been expensed as the well
after the end of the quarter was concluded to be a dry hole.
EBITDA (earnings before interests, tax, depreciation and amortization) in first
quarter was NOK 97 million, compared to NOK 170 million in first quarter 2010.
Tax expenses amounted to NOK 140 million, and were impacted by an increase in
deferred tax liabilities of NOK 272 million related to the company's activities
in the UK following an increase in the UK petroleum tax rate from 50 percent to
62 percent. Noreco recorded a net loss of NOK 295 million for the quarter,
compared to a net loss of NOK 21 million in first quarter 2010.
The first 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 first quarter 2011 today at 08:30 CET. The
presentation will be held by CEO Einar Gjelsvik, 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:
Einar Gjelsvik, CEO, +47 99 28 38 56
Kjetil Bakken, VP Strategy and Investor Relations, +47 91 88 98 89
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q1 2011 Report:
http://hugin.info/138447/R/1512653/448316.pdf
Q1 2011 Presentation:
http://hugin.info/138447/R/1512653/448315.pdf
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originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1512653]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2011 - 07:02 Uhr
Sprache: Deutsch
News-ID 54265
Anzahl Zeichen: 3297
contact information:
Town:
Stavanger
Kategorie:
Business News
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