28.5.2020 07:30:00 CEST | North Energy ASA | Additional regulated information
required to be disclosed under the laws of a member state
North Energy ASA ("North Energy" or "Company") records a loss of NOK 55.0
million in the first quarter of 2020 compared to a loss of NOK 2.8 million in
the same quarter last year. The negative result this quarter is driven by
significant decrease in market value of investments due to the drop in oil
prices and the Covid-19 pandemic. The Company's cash position as per Q1 2020 is
reported NOK 133.6 million.
In April 2020, the Company received a letter from OTO stating that all
outstanding tax issues are closed and that the original submitted tax returns
for the years in question has been accepted without any changes. Based on this,
the Company has removed the restriction on the cash held to cover the former
claim.
North Energy's total investment portfolio is per end of the first quarter NOK
115.8 million, measured at market value. The portfolio consists of industrial
holdings, listed financial investments and other
financial investments. The industrial holdings include 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 interim financial report for the first quarter 2020 is available on the
Company's website, www.northenergy.no [http://www.northenergy.no].
DISCLAIMER
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
CONTACTS
* Knut Sæberg, CEO, +47 918 00 720, knut.saeberg@northenergy.no
ATTACHMENTS
* NE Interim report Q1 2020.pdf
[https://kommunikasjon.ntb.no/ir-files/17847319/60/79/NE%20Interim%20report%2
0Q1%202020.pdf]