NORECO ASA 11/16 10,25% C
NOR06
Hjem - Noreco
Norwegian Energy Company ASA
Industry and commercial
Noreco is an independent Norwegian oil company. The company's focus is
to explore, develop and produce oil and gas in the North Sea region.
Since incorporation in 2005, the company has grown through license
rounds, successful exploration and acquisitions. Noreco operates in
Norway, Denmark and United Kingdom, and employs around 70 oil and gas
professionals. Noreco is listed on the Oslo Børs (ticker NOR).
questa rende a scadenza il 10% e ha un'altra emissione molto più liquida che scade a nov 2014 che rende il 12%
Stavanger, 22 November 2012: Norwegian Energy Company ASA (Noreco) today
presents its third quarter 2012 results, with a negative EBITDA of NOK
32 million and a net loss of NOK 243 million.
The Noreco Group had revenues of NOK 240 million in the third quarter
2012, an increase of 23 percent compared to third quarter 2011 for
continued operations.
Production in the third quarter was 4,384 boe per day, up from 3,428 boe
per day for the same period last year (excluding divested fields). The
achieved average oil, gas and NGL price adjusted for the cost and income
from put options expiring in the third quarter was USD 102 per boe,
compared to USD 110 per boe in the third quarter 2011.
Production expenses in third quarter were NOK 63 million, compared to
NOK 57 million from the same quarter last year for continued operations.
Exploration and evaluation expenses amounted to NOK 162 million, of
which NOK 88 million related to the Albert well, which was completed
before the reporting date. Payroll expenses were NOK 22 million in the
third quarter, down from NOK 51 million in the third quarter last year.
This was driven by a lower number of employees, and a reversal of
accruals from previous periods. Other operating expenses were NOK 24
million for the third quarter, representing a cost reduction of around
20 percent compared to third quarter last year.
EBITDA (earnings before interest, tax, depreciation and writedowns) in
third quarter 2012 amounted to a loss of NOK 32 million, compared to a
loss of NOK 45 million in the third quarter 2011 from continued
operations.
Write-downs amounted to NOK 323 million for the third quarter before
tax. The write-downs are related to the producing fields Oselvar and
Enoch, and impaired goodwill allocated to the company's activities in
Norway. The impact of the write-downs on the net result is offset by a
corresponding change in deferred tax which amounts to NOK 181 million.
Consequently, the net negative impact is NOK 54 million on the net
income for the period.
Net result for the third quarter was a loss of NOK 243 million, compared
to a loss of NOK 393 million for the third quarter 2011 for continued
operations.
The second quarter report and presentation are attached. The documents
are also available for download at
NewsWeb and
Hjem - Noreco.
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
Hjem - Noreco both
live and in archived version.
Ho provato a prenderla oggi (con IW) ma non c'era nessun contributore 
