Det Norske's Q2 Results Disappoint Due Higher Exploration Costs

Reuters

OSLO, Aug 14 (Reuters) – Norwegian oil company Det norske reported disappointing results for the second quarter on Wednesday due to higher exploration costs, it said on Wednesday.

The firm reported an operating loss of 277 million crowns ($46.90 million) for the quarter against expectations for minus 167 million crowns, compared with minus 571 million crowns reported at the same time a year ago.

Exploration costs for the quarter were 271 million crowns. The firm has been assessing, together with its partners, the size of the giant Johan Sverdrup oil and gas field in the North Sea, which may contain between 1.7 and 3.3 billion barrels.

($1 = 5.9065 Norwegian kroner)

(Reporting by Gwladys Fouche, editing by Camilla Knudsen)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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