Highlights:
** Hydrocarbon production of 28.5 mboepd
** Total Revenues of
** EBITDA of
** Net cash flow of
Net hydrocarbon production for the quarter of 28.5 mboepd is above the annual guidance range of 23.5 - 25.5 mboepd. The strong production was mainly driven by higher than expected performance on Dan and Gorm and a continued overall positive development of all the producing hubs with operating efficiency of 92.6%. Well interventions and optimisation initiatives will continue in 2022, and as such the Company raised its yearly production guidance to 24.5 - 26.5 mboepd.
The Tyra Redevelopment project made significant progress during first quarter, with sail away of the Tyra West topsides and the Tyra Utility- and Living quarters (the "accommodation unit" or "TEH") and a successful offshore lift- and installation campaign. Seven out of eight platforms are now in place moving the project closer to first gas expected in Q2 2023.
The financial result for first quarter shows a continued strong development over the previous quarter, with revenues of
During Q1, Noreco's financial position has strengthened significantly. In addition, the Tyra Redevelopment project continues to progress on schedule which further increases confidence regarding the start-up date in Q2 2023. Share price performance and volumes have also been strong. In addition to its RBL financing, Noreco's capital structure includes both the NOR14 senior unsecured bond and the NOR13 convertible bond. In light of the improved financial position and outlook of the Company, Noreco intends to in due course engage with investors in order to investigate measures to simplify and enhance its capital structure, involving inter alia making necessary bond amendments to facilitate a refinancing of NOR13, and has engaged
The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.
The Company will host an earnings call today at
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220510_10
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Contact:
Phone: +47 91 52 85 01
Email: ct@noreco.com
This information is considered to be inside information pursuant to the
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About
Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on the
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