Norse Energy Filed Registration of Initial Public Offering
Norse Energy do Brasil S.A. has filed with the Brazilian Securities Commission (CVM) a request for registration of an initial primary public offering of shares to be conducted in the Brazilian market.
The documentation is subject to further review by the company and to Board of Directors approval. However, such filing with CVM is a necessary pre-condition to any public offer of securities of the Company in Brazil.
Norse Energy do Brasil achieved revenues in the third quarter of R$ 25.2 million, compared to R$ 17.0 million in the corresponding quarter in 2006. EBITDA for the quarter was R$ 11.3 million compared to R$ 5.1 million in the third quarter last year. For the first nine months, revenue was R$ 77.0 million compared to R$ 56.4 million in 2006. EBITDA was R$ 12.5 million compared to R$ 18.2 million in 2006.
Average daily oil and gas production for the quarter was 3 ,297 boe, down 8.9% from the second quarter and up 145.7% from the third quarter in 2006.
Average daily oil production from the Coral field in the third quarter was 1,105 boe, compared to 1,805 boe in the second quarter of 2007 (net to our share). Average oil price was USD/boe 71.74 compared to USD/boe 68.61 in the prior quarter. Average daily gas production from the Manati field in the third quarter was 3.6 million m3, compared to 3.1 million m3 in the second quarter (gross basis). Average gas price in the third quarter was USD/MMBtu 4.79, compared to USD/MMBtu 4.57 in the prior quarter.
As of October 24, 2007, the average daily oil production in Q4 was 1,897 BOE (net to our share) and the average daily gas production was 4.3 million m3 (gross basis).
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