Key Developments: Norwegian Energy Company ASA (NOR.OL)

NOR.OL on Oslo Stock Exchange

21 Jan 2015
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Latest Key Developments (Source: Significant Developments)

Norwegian Energy Company: Huntington oil field output in UK to remain restricted-Reuters
Tuesday, 20 Jan 2015 06:23am EST 

Norwegian Energy Company ASA (Noreco):Continues to face production cutbacks as an output restriction on the Huntington field in Britain, its biggest asset, will remain in place until the end of February-Reuters.Huntington production continues at restricted rates, with output around 1,500 barrels of oil per day to Noreco.Central Area Transmission System restrictions are imposed as a consequence of an incident that occurred on the CATS Riser Platform during restart in the middle of December.  Full Article

Norwegian Energy Company and North Energy agree asset transfer on PL484
Monday, 19 Jan 2015 02:30am EST 

North Energy ASA:Norwegian Energy Company (Noreco) has agreed to transfer its 30 percent ownership in PL484 in the Norwegian Sea to North Energy.Companies agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future.The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea.This part of the agreement has been canceled, and Noreco will consequently continue owning 20 percent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.  Full Article

Norwegian Energy Company ASA: Noreco cuts stake in Xana licence in Denmark
Thursday, 15 Jan 2015 10:07am EST 

Norwegian Energy Company ASA:Noreco is reducing its ownership in the Xana licence on the Danish continental shelf from 20.1 percent to 16 percent.The ownership is being transferred to Nordsøfonden, which is the Danish State's oil and gas company.  Full Article

Norwegian Energy Company says Huntington field restarted at reduced rate
Friday, 19 Dec 2014 02:39am EST 

Norwegian Energy Company ASA:Temporary approval has been granted to resume production at reduced rate at the Huntington field and the field is now on stream.Until normal access to the CATS system has been restored, Noreco expects that daily production from Huntington will not exceed 1 500 boepd net to Noreco.The CATS operator has not given any firm date for restart of normal operation of the CATS Systems, but indications are that it could be delayed to the end of January, possibly even longer.  Full Article

Norwegian Energy Company proposes restructuring and full conversion of bond debt-Reuters
Monday, 15 Dec 2014 02:18am EST 

Norwegian Energy Company ASA:Proposes restructuring, including the full conversion of its bond debt-Reuters.Changes are proposed as low oil prices and persistent production problems at its key assets are threatening its ability to remain a going concern.Added that Erik Henriksen, its board chairman elected in October, announced plans to resign.  Full Article

Norwegian Energy Company replaces CEO with CFO
Monday, 24 Nov 2014 02:26am EST 

Norwegian Energy Company ASA:Elevated Chief Financial Officer Tommy Sundt to CEO on Monday to replace Svein Arild Killingland as the firm tries to resolve production and financial difficulties.The firm earlier said that it would take impairment charges on its stakes in the Oselvar and Huntington fields it will be unlikely to comply with its cash covenants towards the end of 2014 and through 2015.It added that it will need to obtain a deferral of bond installments interest due on December 9.Odd Arne Slettebø has been appointed as CFO.  Full Article

Norwegian Energy Company ASA asking for debt deferral
Wednesday, 19 Nov 2014 02:30am EST 

Norwegian Energy Company ASA:Says has concluded that it needs a deferral of bond installments (560.8 million Norwegian crowns) and bond interest (84.6 million crowns) due on Dec. 9.Says is in constructive discussions with Nordic Trustee and bondholders' advisors concerning a request for waiver of December payments.Says is also in constructive discussions with SR-Bank as the exploration loan facility's representative concerning a request for waiver of the requirement to submit a 12 months funded business plan by Dec.1.  Full Article

Norwegian Energy Company ASA plans a potential strategic solution
Wednesday, 15 Oct 2014 01:46am EDT 

Norwegian Energy Company ASA:Says it appears unlikely that company will be able to comply with cash covenants towards end of FY 2014 and through.Says a full review of available alternatives and what would be required to secure a sustainable financing solution is being conducted, including a potential strategic solution.Says liquidity position is also expected to be below covenant level through FY2015.  Full Article

Norwegian Energy Company appoints Hilde Dronen as acting chairwoman
Friday, 3 Oct 2014 02:49am EDT 

Norwegian Energy Company ASA:Says board appointed board member Hilde Dronen as acting chairwoman.Says Noreco has received a request for the convening of an extraordinary general meeting from shareholder Sabaro Investments Limited for election of members of the Board.Says extraordinary general meeting will be held within the one month deadline.  Full Article

Noreco ASA comments on lower production and 2015 production plans
Wednesday, 1 Oct 2014 02:07am EDT 

Norwegian Energy Company ASA:Says to take impairment charge due to lower production at E.ON's Huntington field in Britain and lower reserves at Oselvar field.Huntington's gas export to be restricted to zero until end of October.Production plans for 2015 indicate significant reduction compared to company earlier estimates.  Full Article

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