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Noreco

Oil & Gas

Noreco served notice of default on Huntington licence

Noreco said its UK subsidiary has been served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence in the UKCS. Earlier this year, as the company looked to restructure itself, Noreco Oil UK had agreed to sell its 20% participating interests in the Huntington licence. The process has since been cancelled as no acceptable offers had been put on the table.

Oil & Gas

Noreco pays debt from sale of licences as it restructures finances

Noreco (Norwegian Energy Company) said the sale of a number of licences has allowed the firm to repay some of its debt and interest. The company has been making moves to strengthen its finances with a restructuring proposal approved earlier this year. In its second quarter results for the year the firm, which has gone through a number of challenges in the past year, said it has made a partial repayment of NOK250million of debt and interest in the NOR10 bond this month.

Oil & Gas

Noreco hit by further field shut-in

Noreco has been hit by another field shut-in after the Lulita field was closed due to technical problems. The company said the duration of the current shutdown is unknown. It comes after a number of stops and starts with the Huntington oilfield off the UK.

Oil & Gas

Noreco production slides

Noreco has seen production slide on last year’s output. The Norwegian operator reported an average daily production of 4,329 barrels of oil equivalents per day (boepd) last month. The number is a significant drop from last year’s 7,350 for the same time period.