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

NOR.OL on Oslo Stock Exchange

24 Apr 2015
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Latest Key Developments (Source: Significant Developments)

Norwegian Energy Company: Sparinvest buys 103.9 mln shares, has 14.65 pct
Tuesday, 24 Mar 2015 12:03pm EDT 

Norwegian Energy Company ASA:Sparinvest S.A. has on March 24 acquired 103,937,800 shares as part of the restructuring of the bond debt of Noreco.Sparinvest has ownership of 14.65 percent.Shares are bought via ID-Sparinvest, Filial af Sparinvest S.A., Luxembourg.Sparinvest S.A. is 100 percent owned by the Luxembourg based SE company called Sparinvest Holdings SE.Sparinvest Holdings SE is owned by 60 financial companies ranging from banks to insurance companies and pension funds.  Full Article

Sabaro Investments sells 1.5 mln shares in Norwegian Energy Company ASA
Thursday, 19 Mar 2015 03:10am EDT 

Norwegian Energy Company ASA (Noreco):Sabaro Investments Limited has concluded sale of 1,500,000 shares in Noreco.Sabaro reduces its shareholding from 17,047,675 shares to 15,547,675 shares and now holds 27.39 percent of the shares in Noreco.  Full Article

Norwegian Energy Company says general meeting approves restructuring proposal
Tuesday, 3 Mar 2015 06:58am EST 

Norwegian Energy Company ASA:Says general meeting approves proposal for restructuring with qualified majority.Says expects that trading in company's shares and bonds which have been suspended will resume on March 4.  Full Article

Norwegian Energy Company gives update about restructuring proposal
Friday, 27 Feb 2015 03:00am EST 

Norwegian Energy Company ASA:Repeated that restructuring proposal represents best way forward given circumstances, as present alternative is bankruptcy.  Full Article

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

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