In addition, Noreco completed the scheduled semi-annual borrowing base redetermination under the Company's Reserve Based Lending Facility (the "Facility" or the "RBL"), with the borrowing base remaining above the Facility's maximum cash drawing capacity of
In line with the Company's hedging policy, and as a result of the positive commodity price environment in Q4 2021, Noreco has entered into fixed-price swap contracts for additional oil and gas volumes from 2022 to 2024. The Company has hedged c. 415,000 MWh (c. 245,000 boe) of gas in summer 2022 at an average price of c.
Further, Noreco is pleased to announce that
"The sail away of the topsides is an important Tyra Redevelopment milestone for us and it further progresses the project towards first gas in the middle of next year. Despite COVID-19 challenges,
"We continue to focus on maintaining a strong capital structure to secure delivery of the Tyra project, with the recent successful redetermination outcome and additions to our hedging programme demonstrating this. By hedging, we seek to maximise pre-Tyra cashflow visibility with an approach that is also mindful of the prevailing market conditions. While this will continue, we do expect to increase our spot market exposure as Tyra first gas approaches in Q2 next year and beyond," he adds.
"Cathrine has been actively involved in our sustainability activities to date, and her appointment as the Company's Head of ESG will help ensure the sustainability-focused activities we develop are right for Noreco and for our shareholders. Our participation in the
An updated investor presentation is attached and will be made available at the Company's website, www.noreco.com.
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Contact:
Phone: +47 91 52 85 01
Email: ct@noreco.com
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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