Norway: Noreco Posts 10 pct Higher Revenues in Q2

Norwegian Energy Company ASA today presents its second quarter 2011 results, with EBITDA of NOK 149 million and a negative net result of NOK 9 million from continued operations.

Noreco had revenues of NOK 396 million from continued operations in second quarter 2011, an increase of 10 percent compared to second quarter 2010, driven by higher oil prices which more than compensated for lower production volumes. Production in the quarter was 7,164 barrels of oil equivalents per day (boed), down from 8,430 boed (excluding Brage which has been sold) for the same period the previous year. The reduction is mainly due to a 12 days maintenance shutdown at Siri and its satellite fields Nini East, Nini and Cecilie in June 2011.

The achieved oil, gas and NGL prices adjusted for the cost and income from the put options expiring in the quarter was USD 111.70 per boe, compared to USD 75.60 per boe in second quarter 2010.

EBITDA (earnings before interests, tax, depreciation and amortisation) in second quarter was NOK 149 million, compared to NOK 103 million in second quarter 2010. Tax amounted to an income of NOK 64 million. Noreco recorded a net loss of NOK 9 million for the quarter, compared to a net loss of NOK 40 million in second quarter 2010.

Source: Noreco, August 11, 2011;

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