Olje og Energi

kim2002
NORTH 27.02.2019 kl 07:54 1730

North Energy ASA - Results for the fourth quarter 2018
Oslo, 27 February 2019

North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of
NOK 15.6 million in the fourth quarter of 2018, resulting in a comprehensive
loss of NOK 35.0 million for the full year. The loss reported for the quarter is
mainly driven by a net loss in financial investments of NOK 10.8 million.

In the stock exchange notice of 20 February 2019, the Company announced its
intention to distribute a dividend of NOK 0.3 per share. The dividend proposal
will be put forward to the AGM on 28 May 2019. The proposal will include an
option for shareholders to subscribe for new shares from dividends received.

Furthermore, the Company will put forth a buyback offer to shareholders, where
shareholders are offered to sell the higher of 2,000 shares and 15% of their
individual shareholding. Shareholders are free to tender more, but the
allocation will be reduced pro rata based on current ownership if the total
buyback exceeds the sum of 10% of the outstanding shares in the Company. The
buyback price is set to NOK 1.90 per share. Further details regarding the share
buyback program will be communicated in a separate stock exchange notice shortly

The Company announced in the stock exchange notice of 20 February 2019 that the
Board of Directors has resolved to simplify the corporate structure. North
Energy Capital AS ("NEC") will repay to the Company the preference capital,
including accumulated return, in a total amount of approximately NOK 148
million. Subsequently all strategic and financial investments will be held
directly in the parent company. These actions are in accordance with the
resolutions adopted by the Extraordinary General Meeting held on 27 April 2016.

North Energy's total investment portfolio is per end of the fourth quarter NOK
142.7 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 and Polarcus amongst others.

North Energy has during the quarter repaid its remaining exploration loan as
well as its bank overdrafts, thereby becoming a company fully financed through
equity, which per yearend is reported to NOK 385.0 million. As of 31 December,
North Energy had a net cash position of NOK 244.6 million.

As previously announced, North E&P received in October a notice from the
Petroleum Taxation Office ("OTO") of possible changes of the Company's tax
returns for the years 2014 and 2015. For these two years North Energy's total
expenses eligible for refund amounted to NOK 970 million. The Petroleum Taxation
Office has in the notice challenged NOK 146 million of these expenses, with a
corresponding exploration tax refund of around NOK 115 million. The Company
strongly disagrees with the preliminary conclusions from OTO.

The tax settlement for the discontinued petroleum activities in the subsidiary
North E&P was received in November with an amount of 234.5 million, including
interest.

The interim financial report for the fourth quarter 2018 is available on 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 to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.

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