North Sea player Noreco — or Norwegian Energy Company — has posted “strong” fourth-quarter 2007 results along with a NOK77 millino ($14 million) net loss that was “worse” by about $12.9 million over the same span a year ago after a first spell of noteworthy operating costs.

A year of operations produced a first quarterly operating income of note at NOK278 million ($51 million), up NOK240 million over the final three months of 2006. The buy-up of field stakes then weighed in.

A small NOK3.7 million profit before tax on operating income of NOK 448 million outshone the NOK30-million loss in the year-ago period.

The company managed 10,500 barrels of oil per day, submitted a plan for the Nini East field in Denmark and completed the first four of 30 wells planned over three years. A loan was also secured for NOK800 million to finance Norway-sector activity.

Tags: Noreco