08.01.2013 12:44:44 CET

North Energy : reorganising corporate structure

Alta, 8 January 2013

North Energy ASA ("North") has acquired holdings, with economic effect from 31 December 2012, in production licences (PLs) 498, 503 and 503B on the Norwegian continental shelf from its wholly owned subsidiary 4 sea energy AS for a sale price of NOK 37 million. The Norwegian government has approved this transfer. All relevant contracts will accompany the takeover.

Such a reorganisation will provide a more appropriate structure and be advantageous for risk management, financing, capital flow and tax considerations.

Following the transaction, the 4 sea energy subsidiary is a company without employees, licences and operations. This means that it has liquidated its direct petroleum activities, which have been subject to the special petroleum tax regime. 

As a result of the change, 4 sea energy expects to secure the tax value of losses carried forward from the Norwegian government pursuant to the provisions in section 3c, sub-section 4 of the Petroleum Taxation Act. This tax value is estimated to total NOK 17 million, and is expected to be paid to the company in December 2013.

Further information from;

Erik Karlstrøm, CEO
Mob: (+47) 476 52 990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, CFO
Mob: (+47) 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, Vice president  Strategy and PA/PR
Mob: (+47) 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.