Highlights:
- Hydrocarbon production of 25.1 mboepd, above quarterly guidance
-
Total Revenues of
USD 294 million , with YTD Revenues ofUSD 737 million -
EBITDA of
USD 198 million , YTDUSD 471 million -
Cash flow from operating activities of
USD 215 million andUSD 486 million YTD -
Free Cash Flow of
USD 131 million and YTD 251 million - Several milestones on Tyra II achieved, further de-risking the project
Net hydrocarbon production for the quarter of 25.1 mboepd. This is above the latest guidance published for Q3 of 24 - 25 mboepd and has also allowed the Company to positively revise the full year 2022 guidance for the fourth time to 26.5 - 27 mboepd. The overarching strong production trend of 2022 continued during the quarter and was further strengthened by the successful Halfdan well restimulation campaign which delivered approximately 2 mboepd of additional gas volumes. During the quarter the company also carried out a well-managed and planned 21 days maintenance shut-in of the NOGAT pipeline
The Tyra Redevelopment project reached several major milestones during the latter part of the quarter following the COVID-19 driven revision of the Tyra start-up date from Q2 2023 to winter 2023/2024. On 1 September, Noreco announced the successful sail-away of the process module (the "TEG") from the yard in
The financial result for third quarter shows a continued strong development with revenues of
"Noreco has delivered another quarter of excellent performance. Operationally, the HCA restimulation campaign was exceptionally impactful and, combined with high uptime and the well-managed NOGAT shutdown, it allowed us to deliver record quarterly revenue, EBITDA and free cashflow generation; an outcome that was delivered despite almost a month of planned gas export capacity downtime. On Tyra, completing the offshore installation campaign was an important de-risking step and doing so ahead of schedule is a positive backdrop as we look forward to first gas at the end of 2023. Our focus continues be on maximising gas output in the short, medium and long-term, an objective that is supported by our strong operational base," said
The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.
The Company will host a webcast today at
To join webcast:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221026_15
Contact:
Phone: +47 915 28 501
Email: ct@noreco.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by
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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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