Norwegian Energy Company, or Noreco, said Thursday its third-quarter profits have tripled since it began ramping up last reporting season from a start-up oil company into a major player in the North Sea.

The Noreco share rose 4.48 percent on the news.

The company said its result reached 135 million kroner ($18.3 million) on revenues which have doubled mainly on its Denmark assets. Led by seasoned oil-business leaders, the company has struck hydrocarbons on eight of nine exploration wells.

The result not only wiped clean the 100 million kroner in losses of a year ago, it showed management has steered clear of credit woes. Cash, old debt and existing oil sales are seen financing Noreco operations until 2010.

The future beyond then will be financed by the selling off of “development projects in our portfolio”, according to company boss Scott Kerr.

He said the company was “in the process of selling” them off and was meanwhile also thinking of clipping interests costs in 2009 through an early redeeming of company bonds.

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