Noreco has cut ties with its joint venture partners in Denmark. The firm confirmed it forfeited its licences and participating interests in the Nini and Cecile oilfields.
Noreco Norway has confirmed it will reduce its headcount by half.
Noreco Norway confirmed it has divested its 15% participating interests in the Norwegian shelf licenses PL274 and PL 274 CS to CapeOmega for NOK210million.
Noreco confirmed its bid to terminate employee board representation at the parent company level has been successful.
Noreco confirmed its North Sea wildcat well failed to return any hydrocarbons.
Noreco Norway has started a two month drilling campaign for its 192 million barrel prospect.
Noreco could face losing its stake in a number of assets after failing to make payments for operations costs. The Norwegian energy company said its Danish subsidiary was prevented in January from making payments for its share of production costs at the Nini field and as a result was in breach of its licence agreement. It means other partners may now claim Noreco’s 30% interest in the licence without any consideration. The company said as part of negotiations to agree on an overall restructuring proposal for Noreco, a committee of bondholders has stated that their consent would require that costs and cash flows related to its operations in Denmark must be improved.
Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30% ownership in PL484 to North Energy ASA (North). The transfer of the asset in the Norwegian sea is subject to government approval. A spokesman for the company said an agreement had been created under the condition for Noreco to re-enter the licence with a reduced share of the equity in the future.
Norwegian Energy Company ASA (Noreco) said production at the Huntington field has been granted temporary approval to resume. Earlier this week the company said production would be further delayed. Work had been due to resume at the beginning of the month.
Norwegian Energy Company ASA (Noreco) has put forward a restructuring proposal to stakeholders following a temporary suspension of its shares on the Oslo Stock Exchange. The chief executive, Tommy Sundt, said its financial situation has continued to deteriorate on the back of falling oil prices and increasing costs. Noreco has also announced production from the Huntington field will be delayed further.
Shares and bonds in Norwegian Energy Company (Noreco) have been suspended after a request by the company. Company stocks had plunged to a near record low last month after writedowns on two of its oil fields exceeded earlier estimates.
Noreco has appointed to new members to its senior staff team including a new chief executive following the departure of Svein Arild Killingland. The independent Norwegian oil and gas company said Tommy Sundt, who had previously been its cheif financial officer, will now take the head role. In a statement the company said: “The Board has high expectations of working together with Sundt on finding solutions to the challenging position in which the Company finds itself and to realise the opportunities inherent in its business.
Norwegian Energy Company (Noreco) will request a deferral of bond instalments and bond interest due in December, the company has said. The bond instalment, worth NOK 560.8million, and the bond interest NOK 84.6million, will be delayed while the company explores available alternatives. The company said the deferral will allow it time to pursue any solutions which could create more values for its stakeholders.
British power and gas company E.ON is considering the use of gas injection at its Huntington field after restrictions were imposed by the Central Area Transmission System (CATS). In a production update for the month by Norwegian energy company, Noreco, they said production from the field had been reduced “significantly” as a result. The company said in the short-term gas injection was being considered this month.