Lindseth quits Noreco
The independent Norwegian oil company, Noreco stated that its Board and Cecilie O. Lindseth, the Managing Director, have agreed not to renew her employment contract. According to the contract her last day as Managing Director of Norwegian Energy Company ASA will be 31 March 2018. The Board would like to thank Cecilie O.
Noreco Exits Huntington license
Reference is made to announcement made on 2 November 2015, concerning a default by Noreco Oil UK in the Huntington license. Norwegian Energy Company ASA (Noreco) reports that its UK subsidiary, Noreco Oil UK, has now been served formal notice by the license partners, E.ON UK E&P Limited and Premier Oil Plc…
Noreco Sells Norwegian Petroleum Activities
Norwegian Energy Company ASA (‘Noreco’) announces that its fully owned subsidiary Noreco Norway AS (Noreco Norway) has entered into a Sale and Purchase Agreement (‘SPA’) with Djerv Energi AS (‘Djerv’) for the sale of its exploration licence interests, organisation and management systems.
Noreco Update on Huntington Licence
Norwegian Energy Company ASA (Noreco) reports that its UK subsidiary, Noreco Oil UK, has been served a notice of default (the Notice) under the Joint Operating Agreement (JOA) governing the Huntington licence. Post the completed restructuring in April 2015, Noreco retained Stellar…
Noreco CEO Quits
Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA. Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the Company. Whilst Mr. Sundt’s role…
Noreco Production Update
Net production for Norwegian Energy Company ASA (Noreco) in July 2015 is estimated at 3,060 barrels of oil equivalents (boe) per day. Net realised price in July was USD 47.7 per boe (USD 49.6 per barrel of oil) after adjustments for inventory, NGL and gas prices. The Huntington field production has been relatively stable throughout July.
NORECO's Production Update
The Norwegian Energy Company ASA (Noreco) group, reported a net production in June 2015 at an estimated 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.
Noreco Ink Deal with Denmark Partners
Norwegian Energy Company ASA 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”).
Niobe Exploration Well Dry
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.
Niobe Exploration Well Spudded
Drilling of the Niobe exploration well in UK licence P1889 has started. The Norwegian Energy Company ASA (Noreco) group is partner in the licence with a current equity interest of 22.5 per cent. The licence is located in blocks 12/26b and 12/27 close to the Beatrice oil field in the Outer Moray Firth area off the north east coast of Scotland.
Noreco Discovers Hydrocarbons in Xana-1X
Hydrocarbons have been discovered in the exploration well Xana-1X. The partnership will now evaluate if there is a sufficient volume of hydrocarbons for commerciality. Spudded on 8 December 2014 in licence 9/95 in the northern part of the Danish sector of the North Sea with Maersk Oil as operator…
Update on Noreco's Danish Licences
As previously reported, Norwegian Energy Company ASA’s (Noreco) Danish subsidiary was in January prevented from making payments for its share of production costs at the Nini field, and it was consequently in breach of the licence agreement. As this situation was not remedied as of 21 March 2015…
Noreco's Production Update
Net production for Norwegian Energy Company ASA (Noreco) in February 2015 is estimated at 2 752 barrels of oil equivalents (boe) per day. Net realised price in February was USD 61.9 per boe (USD 65.9 per barrel of oil) after adjustments for inventory, NGL and gas prices. The lower…
Noreco's Production Falls
Operating revenues for Norwegian Energy Company ASA (“Noreco”) were reduced in the fourth quarter 2014 due to low oil production. Net loss after tax was NOK 1.7 billion, impacted by several significant items, including impairments and other financial items. Operating revenues in the fourth quarter 2014 were NOK 145 million…
Norwegian Energy Cos January Update
Norwegian Energy Company ASA (Noreco) in January 2015 produced 4,353 barrels of oil equivalents (boe) per day. Net realised price in January was USD 42.6 per boe (USD 43.8 per barrel of oil) after adjustments for inventory, NGL and gas prices. Huntington production in January…
Noreco, North Energy Agree Asset Transfer on PL484
Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North). The transfer is subject to government approval. Further, the companies have agreed that Noreco, under certain conditions, has a right…
Noreco Reduces Ownership in Xana Licence
As part of a multi-lateral agreement, a wholly owned subsidiary of Norwegian Energy Company ASA (“Noreco”) is reducing its ownership in licence 9/95 on the Danish continental shelf from 20.1 per cent to 16 per cent. The ownership is being transferred to Nordsøfonden, which is the Danish State’s oil and gas company.
Xana Well Spuds Offshore Denmark
Drilling of the Xana exploration well in licence 9/95 on the Danish continental shelf has started. Norwegian Energy Company ASA (Noreco) is partner in the licence with an ownership of 20.1 per cent. The licence is located close to the gas discovery Svane. The well is being drilled by the jackup drilling unit Noble Sam Turner.
Norec Summons to bondholders' meetings
In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain…
Odd Arne Slettebø new CFO of “Noreco”
Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of Noreco. “I am very…
