Oslo, 22 November 2018
North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of
NOK 12.4 million in the third quarter of 2018, resulting in a comprehensive loss
of NOK 19.4 million year to date. The loss reported for the quarter is explained
by NOK 5 million in operating expenses, and NOK 7 million net loss from
investment activities.
North Energy's total financial investment portfolio was per end of third quarter
NOK 167.7 million, measured at market value. The portfolio consists of
industrial holdings, listed financial investments and other financial
investments. The industrial holdings includes the Company's shares in Reach
Subsea where North Energy is the major shareholder. The listed financial
investments consist of shares in Touchstone Exploration amongst others.
The Company is financed with equity of NOK 400.6 million and, as of 30
September, North Energy had a net cash position of NOK 48.1 million. Including
the value of tax losses carried forward in North E&P, the net cash position was
NOK 248.6 million.
The tax settlement for the discontinued petroleum activities in the subsidiary
North E&P was received on 8(th) of November with an amount of 234.5 million,
including interest. This is in line with expectations. The total tax refund will
be settled on 28(th) of November.
Furthermore, reference is made to Stock Exchange Notice from 24th October 2018
where the Company informs about the notice from OTO regarding a possible change
of the tax returns for North E&P from 2014 and 2015. North Energy strongly
disputes both the content and the conclusion of the notice.
The interim financial report for the third quarter 2018 is available at the
Company's website, www.northenergy.no.
For further information, please contact:
Knut Sæberg, CEO
Mobile: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.