Noreco reports fourth quarter 2009 results
(Thomson Reuters ONE) -
Stavanger, 18 February 2010: Norwegian Energy Company ASA (Noreco - OSE:NOR)
today presents its fourth quarter 2009 results, with revenues of NOK 322 million
and a net result of NOK - 87 million.
Oil and gas production was 5,775 barrels of oil equivalents (boe) per day, down
from 9,725 boe/day in the previous quarter due to the shutdown of the Siri, Nini
and Cecilie fields. Realized oil price was USD 68.5 per boe. Total revenues for
the quarter was NOK 322 million, which includes NOK 115 million in expected
insurance coverage, compared to revenues of NOK 355 million in the third
quarter.
EBITDA was NOK 134 million, sharply up from NOK -51 million in the previous
quarter driven by significantly lower exploration activity in the fourth
quarter.
EBIT 63 million in the fourth quarter, sharply up form NOK -171 million in Q3.
Net financial items amounted to NOK -211 million. This included costs of NOK
105 million related to refinancing of bond loans during the quarter.
Tax for the quarter was NOK -61 million. The tax rate for the quarter was lower
than average for the year due to low exploration activity, high financial cost
and a positive impact of NOK 75 million related to recognition of a tax deficit
in one of the company's subsidiaries.
During the quarter Noreco raised net NOK 1,216 million in new equity, and two
new bond loans of NOK 2,000 million in total, and redeemed its previous bond
loans NOR01 and NOR02 in Q4 at nominal value of NOK 2,240 million.
Following the equity issue, the company's total equity is the strongest ever at
more than NOK 3,7 billion. The bond refinancing has given an extended repayment
profile which fits well with the company's investment plans and phasing in of
new fields.
At the end of 2009, proven and probable (2P) reserves were 37.2 million boe.
This represents a reserve replacement ratio of 222%. The main contribution to
the reserve base in 2009 was the Oselvar field with 7.8 million boe to Noreco.
Outlook
2010 production is estimated to be in the range 13,000 - 14,000 barrels per day.
Production has restarted from Siri, Nini and Cecilie and the experience so far
gives support to this estimate. Two new wells have been brought on stream at
Nini, and through 2010 there will be further production drilling at Brage and
South Arne. In addition, the newly developed Nini East field is currently being
commissioned and is expected to start production within a week or two.
The company is planning to participate in drilling of six exploration and
appraisal wells this year, of which one - the dry Frusalen well - has already
been completed. Field development activity is high with the Oselvar development
well underway, and with concept selection as the next milestone for both the
Huntington and Nemo projects.
Fourth quarter report and presentation
The fourth quarter report and presentation are attached. These are also
available at www.oslobors.no
2009 today at 08:30 CET. The presentation will be held by CEO Scott Kerr, and
will take place at Felix Kurs og Konferansesenter, Bryggetorget 3, Oslo. The
presentation can also be followed by webcast on Noreco's web page www.noreco.com
Contacts
Scott Kerr, CEO, +47 992 83 890
Einar Gjelsvik, Vice President Strategy & Investor Relations, +47 992 83 856
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1385670]
Noreco Q4 2009 Presentation: http://hugin.info/138447/R/1385670/344342.pdf
Noreco Q4 2009 Report: http://hugin.info/138447/R/1385670/344424.pdf
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Datum: 18.02.2010 - 01:06 Uhr
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