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Norwegian Energy Company ASA (NOR.OL)

NOR.OL on Oslo Stock Exchange

104.00NOK
2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Noreco announces NOR06 repayment of NOK 18 million
Friday, 23 Sep 2016 10:30am EDT 

Norwegian Energy Company ASA : Noreco Norway announces making repayment to NOR06 . Defined cash payments will be made pro-rata to NOR06 bondholders Sept 30, 2016 .Says sale of Noreco Norway's exploration activities to Det norske oljeselskap earlier this year and NOR06 repayments were approved at bondholder meeting held on March 16, 2016.  Full Article

Norwegian Energy Company Q2 EBITDA turns to loss NOK 13 million
Wednesday, 31 Aug 2016 02:36am EDT 

Norwegian Energy Company ASA : Q2 revenue 2 million Norwegian crowns ($239,917) versus 9 million crowns year ago . Q2 EBITDA loss 13 million crowns versus profit 6 million crowns year ago .Says has now completed financial and corporate restructuring and rationalised its cost base and is in solid financial position and well placed to pursue SIRI insurance claims and maximise remaining values in all three jurisdictions it operates.  Full Article

Noreco says awaiting final approval of asset sale
Thursday, 26 May 2016 02:39am EDT 

Norwegian Energy Company (Noreco) : q1 net result nok 26 million (q1 2015 nok 190 million) . says the sale of assets to Det norske has received approval from the ministry of oil and energy but is still awaiting approval from the ministry of finance .Says once the approval of the Detnor transaction is received from the Ministry of Finance, management can focus on realising remaining assets and settle outstanding bond debt.  Full Article

Oil firm Noreco appoints CEO
Wednesday, 11 May 2016 02:34am EDT 

Norwegian Energy Company says:Silje Augustson appointed general manager and CEO of Norwegian Energy Company.  Full Article

Norwegian Energy Company sells Norwegian licenses to Det norske
Wednesday, 2 Mar 2016 02:45am EST 

Norwegian Energy Company ASA:Announces sale of Norwegian exploration activities to Det Norske.Noreco ‍sells its remaining exploration licenses, employees and a cash balance of about 45 million Norwegian crowns to Det norske, to be adjusted for working capital.Effective date of transaction is Jan. 1.The license portfolio consists of seven licenses on the Norwegian Continental Shelf, including a 20 pct interest in the Gohta discovery (PL492) in the Barents Sea.Noreco's 4.36 pct interest in the Enoch field is not included in the transaction.Transaction is subject to regulatory approvals and contingent on approval from the NOR06 bondholders.Noreco has received pre-acceptance and voting commitments for the transaction from major bondholders holding a majority of outstanding bonds.Added to the proceeds from the Oselvar sale this is expected to result in an estimated recovery of about 94.7 pct of initial principal amount under the NOR06 (Noreco) bond issue.  Full Article

Norwegian Energy Company says has not achieved bondholder approval for the
Wednesday, 3 Feb 2016 08:02am EST 

Norwegian Energy Company ASA:Announces that it has not achieved bondholder approval for the sale of its Norwegian petroleum activities to Djerv Energi.Says will continue to work to preserve values and optimise recovery for bondholders and its shareholders, and will continue to update the market and its stakeholders on the progress in this regard.Says 62 pct of bond holders backed deal, while a two-thirds majority had been required for it to go through.  Full Article

Norwegian Energy Company to contest updated tax ruling in Denmark
Wednesday, 20 Jan 2016 02:30am EST 

Norwegian Energy Company ASA:Reference is made to Q1 report, where Noreco reported that Danish authorities had formally challenged Noreco Oil Denmark A/S's taxable income for 2011 related to the sale of the Syd Arne field.Noreco has challenged the reassessment and has received an updated ruling where Danish authorities are claiming payment of USD 5.7 million plus interest.Noreco will contest the updated ruling.  Full Article

Norwegian Energy Company announces exit of the Huntington license
Monday, 11 Jan 2016 02:35am EST 

Norwegian Energy Company ASA:Says its UK subsidiary has been served formal notice by the license partners, that they will exercise their rights to acquire Noreco's participating interest in the Huntington license for no consideration.Exercise of rights to acquire Noreco's participating interest in the Huntington licens will take place in accordance with rights under JOA.The partners are E.ON UK E&P Limited and Premier Oil Plc.  Full Article

Norwegian Energy Company ASA to enter into partnership with Awilhelmsen Special Opportunities AS and QVT Financial LP
Friday, 18 Dec 2015 08:30am EST 

Norwegian Energy Company ASA:Signed agreement to enter into partnership with Awilhelmsen Special Opportunities AS and QVT Financial LP to pursue the Siri insurance claims, with the aim to maximise the proceeds from these.  Full Article

Norwegian Energy Company ASA says completes Oselvar sale
Wednesday, 25 Nov 2015 11:00am EST 

Norwegian Energy Company ASA:Announces completion of Oselvar transaction.Initial announcement of deal was made of July 1, concerning the divesture by Noreco Norway AS (Noreco) of its 15 pct participating interests in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega.Transfer of the licenses has been approved by Norwegian authorities.  Full Article