Norwegian Energy Company ASA

Norway

Norwegian Energy Company ASA

Norway

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News Article | February 16, 2017
Site: globenewswire.com

North Energy ASA ("North Energy" or "Company") continued its restructuring project throughout the fourth quarter of 2016. The Company's financial position going into 2017 is solid, having no major investment commitments and a solid net cash position. The successful turnaround of the Company led the Board to propose a NOK 0,25 per share cash dividend, to be resolved at an extraordinary general meeting in February. "2016 was a successful turnaround year for North Energy. We delivered on our restructuring and cost savings plan, while demonstrating the significant value potential inherent in our revised business strategy. Together, these achievements made for a very good year for North Energy", said CEO Knut Sæberg. Through investments in both Explora Petroleum and Norwegian Energy Company (Noreco) in 2016, North Energy demonstrated that its revised business strategy can create significant value. With a low cost base and healthy financial position, the Company will continue to evaluate the market for potential value-adding transactions. "We continue to monitor the market for new investments, with a focus on strategic opportunities where we can exercise substantial influence and control. The recent investment in Reach Subsea is an example of this, and we expect new transactions will follow in 2017," Sæberg said. North Energy recorded a net profit of NOK 80.8 million for the full-year of 2016, compared to a net loss of NOK 126.1 million in 2015.  A more than 80 per cent reduction in the Group's overall cost base, combined with significant gains on investments, were the main factors behind the financial turnaround. For the fourth quarter of 2016, North Energy posted a net loss of NOK 2.7 million. The Company is in a solid financial position, with a net cash base in excess of NOK 150 million at year-end 2016. North Energy's equity ratio stood at 88 per cent. The interim report and presentation for the fourth quarter are attached. These can also be accessed at www.northenergy.no. North Energy will be presenting its results for the fourth quarter of 2016 at 09.00 today. The presentation will be held by CEO Knut Sæberg. The venue is Tjuvholmen allé 3, Oslo. The presentation can also be followed via webcast. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Sattar N.,Uppsala University | Khan F.A.,Petronas | Farid A.,Petroleum Institute ADNOC | Khan A.A.,Saif Energy Ltd | And 2 more authors.
Leading Edge (Tulsa, OK) | Year: 2010

It is generally believed that various exploration failures in the offshore areas of Pakistan are due to the absence of a mature petroleum system. However, a few recent gas shows and shales with 0.55-3.24% TOC suggest that a Middle-Upper Miocene lowstand systems tract (LST) exists that possesses organic, paleo-environmental, and sequence stratigraphic characteristics of a potential source rock. The objective of this work was to highlight and delineate the slope and basin facies through seismic sequence stratigraphy and seismic attribute analysis as a new approach to the interpretation of the southwestern Lower Indus Basin of Pakistan. Working within a sequence stratigraphic framework, four sequences have been delineated on the basis of reflection termination patterns. A sea-level curve was constructed from the reflection patterns representing coastal onlap. This sea-level curve was compared to a hypothetical sea-level curve generated by a spectral analysis Fourier transform function on the density logs. © 2010 Society of Exploration Geophysicists.


McArdle N.J.,Ffa Sciences, Llc | Ackers M.,Norwegian Energy Company ASA | Bryn B.K.,Norwegian Energy Company ASA
74th European Association of Geoscientists and Engineers Conference and Exhibition 2012 Incorporating SPE EUROPEC 2012: Responsibly Securing Natural Resources | Year: 2012

Frequency decomposition methods have been applied to a seismic dataset which images the late Palaeocene Hermod Fm. submarine fan system which occurs within the Viking Graben in the Northern North Sea. Conventional bandpass decomposition methods are compared to HD frequency decomposition - a technique based on matching pursuit of wavelets and the sensitivities of each method are discussed. Red-Green-Blue colour blending is shown to image in great detail channels, levees and splays. In order to understand the controlling factors determining the colour, contrast and amplitude shown in the RGB blends produced using each decomposition method, synthetic models of a Hermod splay has been produced. Within these models thickness and acoustic impedance are varied to investigate which has a larger effect. Frequency decomposition and blending of the synthetic models closely resembles blends created from the original data and it is likely that thickness changes, within the Hermod fan, which varies from above the tuning thickness in the channel core, to below tuning in the distal splays is mainly responsible for colour, amplitude and constrast changes within the blends.


Ackers M.A.,Norwegian Energy Company ASA | Bryn B.K.L.,Norwegian Energy Company ASA | Seljebotn P.O.,Norwegian Energy Company ASA
72nd European Association of Geoscientists and Engineers Conference and Exhibition 2010: A New Spring for Geoscience. Incorporating SPE EUROPEC 2010 | Year: 2010

The Eocene Channel Complex (hereafter referred to as the ECC) - which was first identified by use of simple signal processing techniques performed in Petrel© - represents an untested play in the Norwegian North Sea. It is situated in close proximity to the Frigg Field (Heritier et al., 1979) and the East Frigg discoveries, and is believed to represent the eastern continuation of this proven hydrocarbon system. However, the reservoir is younger and displays a different seismic stratigraphic architecture. The finer detail of the depositional geometries was delineated by a combination of various techniques including random and coherent noise cancellation, spectral decomposition (Partyka et al., 1999) and volume blending in SV1 Pro©. This approach resulted in a significantly improved image of the ECC and the underlying Frigg and Hermod Formations. © 2010, European Association of Geoscientists and Engineers.


News Article | December 15, 2016
Site: globenewswire.com

The Exchange has decided to halt the trading in shares of Norwegian Energy Company ASA (NORo, ISIN code NO0010379266, order book ID 88877) as the shares has been halted on Oslo Stock Exchange. For further information concerning this exchange notice please contact Issuer Surveillance Stockholm, telephone +46 8 405 60 00, or iss@nasdaq.com.

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