Press releases

Bullet

The latest and historical news about Noreco

  • 7/20/2015

    Noreco Norway announces dry Haribo well

    Stavanger, 20 July 2015: The Haribo exploration well has been drilled to total depth without encountering hydrocarbons. The well will now be plugged and abandoned. Noreco Norway AS (“Noreco Norway”), part of Norwegian Energy Company ASA group, holds a 20 per cent interest in the licence. Spudded on 21 June 2015 the well was drilled by the semi-submersible drilling rig Transocean Searcher on the Haribo prospect, which is located 10 km south west of the Valhall Field in the Norwegian part of th...
  • 7/7/2015

    Production June 2015

    Stavanger, 7 July 2015: Net production for the Norwegian Energy Company ASA (Noreco) group in June 2015 is estimated at 4 320 barrels of oil equivalents (boe) per day. Net realised price in June was USD 54.5 per boe (USD 60.6 per barrel of oil) after adjustments for inventory, NGL and gas prices. For the second quarter 2015 production was 4 894 (3 236 in Q1) boepd at an average net realised price of USD 55.6 per boe (USD 60.7 per barrel of oil). Production per field in June 2015 (May 2015 in...
  • 7/2/2015

    NOR10 – Exercise of call option

    Stavanger, 2 July 2015: Reference is made to announcement earlier today concerning early repayment of NOR 10 bonds issued by Norwegian Energy Company ASA (“Noreco”). Noreco has notified Nordic Trustee ASA whereby it in accordance with the terms of its NOK 600 million bond issue (ISIN NO 001069703.0) (NOR10) will redeem approx. NOK 243 million in principal amount of the bonds. The redemption price is equal to par value, plus accrued and unpaid interest to the date of settlement of the call...
  • 7/2/2015

    Updated financial calendar

    Stavanger, 2 July 2015: Norwegian Energy Company ASA has decided to postpone the release of its financial report for the second quarter 2015 from 20 August to 27 August 2015. The financial report will be published on the Oslo Stock Exchange and on the company’s web site. Contact: investorrelations@noreco.com
  • 7/2/2015

    Noreco announces early repayment of NOK 250 million to NOR10 bondholders

    Stavanger 2 July 2015: Norwegian Energy Company ASA (“Noreco”) announces an early repayment of NOK 250 million of NOR10 outstanding bonds. Following the announcement of reaching a settlement agreement with our partners in Denmark and the on-going process to monetise remaining assets and maximise value for stakeholders, the Board of Noreco has concluded that an early prorata repayment of NOK 250 million of principal and accrued interests (NOK 600 million of principal currently outstanding) wil...
  • 7/2/2015

    Noreco reaches agreement with partners in Denmark

    Stavanger, 2 July 2015: Norwegian Energy Company ASA (“Noreco” or the “Company”) announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields (the “Licences”). According to provisions in the respective joint operating agreements, Noreco has forfeited and transferred its participating interests in the...
  • 7/1/2015

    Noreco Norway announces redundancies

    Stavanger 1 July 2015: Noreco Norway AS (“Noreco Norway” or the “Company”), a subsidiary of Norwegian Energy Company ASA, announces significant redundancies, as part of an overall cost reduction plan. As previously announced the Company is seeking to limit capital commitments over all and exploration activities in particular. Significant reduction in staff and costs is necessary to align the organisation and cost base with the activities of the Company going forward. The number of employees...
  • 7/1/2015

    Noreco Norway divests Oselvar interests

    Stavanger 1 July 2015: Noreco Norway AS, a subsidiary of Norwegian Energy Company ASA (Noreco), announced the sale of its 15 per cent participating interests in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega for a total consideration of NOK 201 million. The transaction is effective as of 1 January 2015. The transfer of license interests requires approvals from the Norwegian authorities. The parties have agreed that...
  • 6/30/2015

    Changes to employee representation

    Stavanger, 30 June 2015: Employee representative Lotte Kiørboe has stepped down from the Board of Norwegian Energy Company ASA ("Noreco" or the "Company"), following approval by the Norwegian Corporate Democracy Board of the Company's application for termination of employee board representation at the parent company level. Following Kiørboe's resignation, Noreco's Board now consists of Silje Augustson (chair), Riulf Rustad, Julien Balkany and Andreas Greve-Isdahl (alternate). Contact:...
  • 6/25/2015

    Niobe exploration well dry

    Stavanger, 25 June 2015: The Niobe exploration well has been drilled to target depth without encountering hydrocarbons. The well will now be plugged and abandoned. Spudded on 8 June 2015 the well was drilled by the jackup drilling unit Ensco 100 in the P1889 licence, close to the Beatrice oil field in the Outer Moray Firth area off the north east coast of Scotland. Norwegian Energy Company (UK) Ltd, a subsidiary of Norwegian Energy Company ASA, is partner in the licence with a current equity...
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