The effects of struggling North Sea operator Noreco’s troubled summer have been underlined after the company posted a £57million third quarter loss.
The losses come on the back of a £50million hit in the previous quarter, and represent an increase of more than 200% on the same period last year.
Earlier this month the company launched a new share issue worth up to £53million and restructured its bond debts in a bid to secure a more stable financial future.
The numbers come after a difficult few months for the Norway-based operator, which has stakes in the Huntington and Enoch UK North Sea fields, along wth the Nini and Nini East, Cecilie, Oselvar and Lulita fields across the Danish and Norwegian regions.
Noreco revealed it had also taken a significant hit on the Amalie discovery in the Danish North Sea after the operator decided it should not be developed.
Ongoing problems with the Siri field has left the Nini, Nini East and Cecilie fields shut-in since the summer, with talks over abandonment costs now underway.
However, the gradual lifting of production restrictions on the Huntington gas field following safety fears and problems with the CATS gas pipeline to the shore have boosted the company’s output.
Noreco also said it was looking for good results from the Gohta licence in the Barents Sea, where it holds a 20% stake, after drilling estimated the size of the discovery to be up to 239million barrels of oil.