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Monday, 21 July, 2008, 00:40 GMT | more prices >>

Noreco’s first quarter losses shrink

By Upstream staff

Norwegian player Noreco’s first quarter losses narrowed about 75% compared to the corresponding period last year, while operating revenues climbed nearly 48% over the same period.

The company’s net loss for the January to March quarter this year stood at Nkr 28 million (US$5.58 million), up from a net loss of Nkr 116 million for the same quarter last year.

Operating revenues improved from Nkr 295 million in the first quarter last year to Nkr 436 million for the same period this year.

Meanwhile, the outfit posted a new record for sale of crude oil at $106 per barrel in March.

“We are very pleased with the strong operating result for the first quarter. Noreco’s five exploration wells have all been successful, and drilling on the Brage field has boosted production. Overall we have started the year with higher production than projected and oil prices remained very strong,” said Noreco’s chief executive, Scott Kerr.