Noreco set for value creation
(Thomson Reuters ONE) - Stavanger, 22 October, 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), The oil company Noreco today presents its third quarterresults, with revenues of NOK 355 million and a net result of NOK -134 million. The recent NOK 1.2 billion equity issue and NOK 2billion bond refinancing place Noreco in a strong position to createvalue from its portfolio.Q3 resultsThe production of 9 725 barrels per day was realised at 65 $/barrel,giving revenue of NOK 355 million for the quarter. The operationalresult (EBITDA) was NOK -51 million and the net result was NOK -134million.-The production and the results in the third quarter were negativelyimpacted by the shut down of the Siri field in Denmark. The Siripartnership is now implementing a temporary solution to restartproduction from the field, says Scott Kerr, CEO in Noreco.2009 production is expected to be in the range 10,500 - 11,000barrels per day, as a result of the shut down of Siri.Strengthened financial position-The successful NOK 2 billion bond refinancing announced earlier thisweek and our recent NOK 1.2 billion equity issue significantlyimproves our financial capacity and gives us a solid foundation forvalue creation from our asset portfolio, says Scott Kerr.Noreco has a portfolio of seven producing fields, four ongoingdevelopments, 20 discoveries and over 50 exploration licenses.Near term production is set to increase from new wells and resumedproduction. Noreco's four ongoing developments will add more than15,000 barrels per day to the company's production, and otherdiscoveries will add further production and reserves. In addition,6-10 exploration wells per year provide additional value upside.Third quarter report and presentationThe third quarter report and presentation is attached. These are alsoavailable at www.oslobors.no and www.noreco.com. Noreco will presentthe results for third quarter 2009 today at 09:00 Norwegian time. Thepresentation will take place at Felix Kurs og Konferansesenter,Bryggetorget 3, Oslo, CEO Scott Kerr, VP Strategy & InvestorRelations Einar Gjelsvik and CFO Jan Nagell will represent thecompany. The presentation can also be followed by webcast on Noreco'sweb page www.noreco.com or at www.oslobors.no/webcast, both live andin archived version.Contacts:Scott Kerr, CEO, +47 992 83 890Einar Gjelsvik, Vice President Strategy & Investor Relations, +47 99283 856www.noreco.comhttp://hugin.info/138447/R/1349267/325088.pdfhttp://hugin.info/138447/R/1349267/325089.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 7244
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