Key Developments: Norwegian Energy Company ASA (NOR.OL)
3.70NOK
23 May 2013
kr-0.10 (-2.63%)
kr3.80
kr3.75
kr3.77
kr3.63
746,075
1,600,965
kr6.12
kr3.15
Latest Key Developments (Source: Significant Developments)
Norwegian Energy Company ASA Appoints Mr. Svein Arild Killingland as Chief Executive Officer
Norwegian Energy Company ASA (Noreco) announced that Mr. Svein Arild Killingland has been appointed Chief Executive Officer (CEO) of the Company. He will take the office on May 13, 2013. Noreco has entered into a resignation agreement with the former CEO, Mr. Einar Gjelsvik which implies that Gjelsvik will be available for Noreco and the new CEO in an interim period. Full Article
Norwegian Energy Company ASA's Partner Statoil ASA to Complete Drilling of Well on Lupin Prospect in License PL360
Norwegian Energy Company ASA (Noreco) announced that it has been advised by its operating partner Statoil ASA that drilling of the exploration well on the Lupin prospect in license PL360 in the Norwegian part of the North Sea is about to be completed. The well has not encountered hydrocarbons. Further work in the license will concentrate on prospectivity in Upper and Middle Jurassic, which has become more attractive following recent discoveries in the area. Noreco has 15%-interest in license PL360, which is operated by Statoil. Full Article
Norwegian Energy Company ASA Announces Start of Production at Huntington Field in License Shared with E.ON SE's Unit, Premier and Iona Energy Inc
Norwegian Energy Company ASA announced that it has been advised by its operating partner, E.ON SE's E.ON Exploration and Production that production from the Huntington field, in license shared with Premier and Iona Energy Inc, has commenced. The field will increase Norwegian Energy Company's overall production and contribute to a increase in cash flow. The Huntington development includes the Voyageur Spirit FPSO (floating production, storage and offloading vessel) specifically modified to meet the field requirements, a six well subsea drilling template, and a 12 kilometer gas export pipeline connected to the BP CATS transportation system, allowing export of gas. Huntington is located on the United Kingdom Continental Shelf, and is expected to have a production capacity of approximately 30,000 barrels of oil per day. Norwegian Energy Company has a 20% interest in the Huntington field. E.ON Exploration and Production is the operator of the field with a 25% interest. Other partners are Premier (40 %) and Iona Energy (15 %). Full Article
Norwegian Energy Company ASA to Complete Drilling of Well on Scotney Prospect in License P1658 Shared with Suncor
Norwegian Energy Company ASA announced that drilling of the exploration well on the Scotney prospect in license P1658, block 20/5b in the UK North Sea is about to be completed. The well is dry. The Company has 43.75%-interest in license P1658, which is operated by Suncor. Full Article
Norwegian Energy Company ASA Announces Listing of New Loan
Norwegian Energy Company ASA announced listing of a new NOK 300 million closed loan (ISIN: NO0010672314) on March 20, 2013. The loan matures on February 25, 2016. The interest is 10.5% per year, and the loan is interest-bearing as of February 25, 2013. DNB Markets and Swedbank First Securities act as facilitators. Full Article
Norwegian Energy Company ASA Commences Drilling on Lupin in License Operated by Statoil ASA
Norwegian Energy Company ASA announced that the drilling of exploration well 16/8-3 S on the Lupin prospect in license PL360 operated by Statoil ASA in the Norwegian North Sea has started. The well is being drilled using the drilling rig Songa Trym. Norwegian Energy Company has a 15% interest in license PL360. Full Article
Norwegian Energy Company ASA and Lundin Petroleum AB to Complete Drilling of 8/5-1 Exploration Well on Ogna Prospect
Norwegian Energy Company ASA announced that the drilling of the 8/5-1 exploration well on the Ogna prospect in license PL453S in the North Sea is about to be completed. Norwegian Energy Company ASA (Noreco) has through its subsidiary Noreco Norway AS a 25% interest in the license, which is operated by Lundin Petroleum AB. The well is dry. Full Article
Norwegian Energy Company ASA Announces Start of Drilling on Scotney
Norwegian Energy Company ASA (Noreco) announced that drilling of an exploration well on the Scotney prospect in license P1658, block 20/5b in the United Kingdom (UK) North Sea has started. The well is being drilled using the drilling rig WilHunter. Noreco has a 43.75% interest in license P1658, which is operated by Suncor. Full Article
Norwegian Energy Company ASA Announces Placement of Unsecured Bond Issue
Norwegian Energy Company ASA announced that it has successfully placed a new unsecured bond issue of NOK 300 million with maturity in February 2016. The settlement date for the bond issue is expected to be February 25, 2013. An application will be made for the bonds to be listed on the Oslo Stock Exchange. The proceeds from the bond issue will be used for future liquidity and/or refinancing of parts of existing debt. In connection with the bond issue, the Company has bought back the following bonds: NOK 1.5 million in the existing bond issue NOR05 (ISIN: NO 0010592306) maturing December 6, 2013; NOK 16 million in the existing bond issue NOR08 (ISIN: NO 0010661390) maturing December 30, 2013; NOK 30.5 million in the existing bond issue NOR04 (ISIN: NO 0010548449) maturing November 20, 2014. DNB Markets and Swedbank First Securities acted as Joint Lead Managers in the bond issue and the related repurchases. Full Article
Norwegian Energy Company ASA Contemplates Bond Issue
Norwegian Energy Company ASA announced that it contemplates the issuance of unsecured bonds of between NOK 250 million and NOK 300 million in the Norwegian bond market with maturity in February 2016. The proceeds from the contemplated bond issue will be used for future liquidity and/or refinancing of parts of existing debt. DNB Markets and Swedbank First Securities have been retained as Joint Lead Managers of the contemplated bond issue. Full Article
First oil from North Sea Huntington field seen in first half of April
OSLO, April 2 - E.ON Ruhrgas's Huntington oil field in the British North Sea is expected to produce its first oil in the first half of April after delays, Norwegian Energy Company (Noreco), a partner in the licence, said on Tuesday.
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