CORRECTION: Sale of Brage and Hyme completed
(Thomson Reuters ONE) -
This is a correction of the announcement from 12:43 28.07.2011 CEST. Reason for
the correction: Third paragraph corrected for accounting effects.
Stavanger, 28 July 2011: Norwegian Energy Company (Noreco) is pleased to
announce that the sale of the company's interests in the Norwegian oil fields
Brage and Hyme to Core Energy has now been completed.
The consideration to Noreco is USD 85 million net of tax with effective date 1
January 2011. In addition a pro et contra settlement will be made for the
interim period between the effective date and the completion date of the
transaction.
The Brage sale will have a negative accounting impact in the second quarter
2011 result, estimated to NOK 140 million of which NOK 17 million is related to
results from the interim period. The Hyme sale will have a positive impact on
the third quarter 2011 result which is estimated to NOK 23 million. The impact
on the company's equity ratio is expected to be slightly positive due to the
reduction in total assets. The company's liquidity position will be
significantly improved.
Contact:
Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
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#1534372]
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2011 - 13:40 Uhr
Sprache: Deutsch
News-ID 56802
Anzahl Zeichen: 1973
contact information:
Town:
Stavanger
Kategorie:
Business News
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"CORRECTION: Sale of Brage and Hyme completed"
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