Global Leader in International Production Industry News

posted in:

Norwegian Energy Company ASA provide operational update

Thursday, Feb 14, 2013

Norwegian Energy Company ASA (Noreco) would like to provide the following update on its activities.

Noreco yesterday announced a successful unsecured bond issue of NOK 300 million. The rationale for the transaction was to take advantage of the good bond market to create flexibility and increase the liquidity buffers of the company. The bond matures in 2016 and the interest rate is 10.5 percent. Noreco’s long term objectives of reducing financial gearing and financing cost remains unchanged, and the company plans to make significant steps towards these objectives in 2013.

The Huntington field is expected to start producing during the first quarter 2013. The final activities towards first oil are in progress. These activities consist of subsea hook-up and testing, and commissioning of the production platform.

Huntington will together with improved regularity at the existing producing fields provide a significant production growth in 2013.

Noreco is currently involved in two exploration wells. The drilling of the Ogna well in Norway, operated by Lundin, started in January and is still ongoing. The Scotney well in UK, operated by Suncor, is expected to be spud within the next few days. After this, the next well on Noreco’s drilling program is the Lupin well in Norway, operated by Statoil, which is currently expected to start drilling in March.

Noreco has recently published its annual statement of reserves, showing proven and probable reserves (2P) of 21.9 million barrels oil equivalents as of 31.12.2012, which is a small underlying increase compared to the previous year after adjusting for the 2012 production.

As announced on 25 January this year, the process with the Financial Supervisory Authority of Norway has been completed. Noreco has corrected the accounting figures for 2011, which also will cause changes to the reported quarterly figures for 2012. These changes have no cash impact and have no consequences for the company’s financial position.

Source: Norwegian Energy Company ASA

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Production News

Drilling and production update 18-04-2014
Dejour sees 60% increase in net production at Woodrush 16-04-2014
Oil and gas drilling and production brought to life 15-04-2014
Platform P-20 resumes production 09-04-2014
Gastar Exploration announces Marcellus shale production temporarily interrupted due to rupture of third party-operated pipeline 09-04-2014
Petrobras starts-up third well at SapinhoĆ” field and registers a new monthly production record in the pre-salt 07-04-2014
Production March 2014 07-04-2014
New Zealand Energy reports 2013 year-end reserves and production update 03-04-2014
Drilling permit for well 7324/7-2 in production licence 537 03-04-2014
CANADIAN NATURAL RESOURCES LIMITED COMPLETES THE ACQUISITION OF CERTAIN CANADIAN ASSETS OF DEVON CANADA 02-04-2014