31.10.2013 06:30:00 CET

North Energy ASA - third-quarter results

Alta, 31 October 2013


The company worked actively during the quarter on its application for the 2013 awards in predefined areas (APA) round. A portfolio evaluation was also conducted on the basis of knowledge from new discoveries and Rex Virtual Drilling (RVD) analyses.

APA and 23rd round
Extensive work has been done by North Energy for the 2013 APA round. Its analyses cover the whole Norwegian continental shelf (NCS), and a number of different plays have been evaluated. The process of identifying the most interesting blocks for Norway's 23rd offshore licensing round has been initiated, and attention here will again be concentrated on the Barents Sea. RVD is being used as a tool along with standard geological and geophysical methods in identifying the most prospective areas.

Activity in the portfolio
The level of activity in the company's portfolio of licences will be high in the time to come, with a number of decisions on drill or drop, continuation, concretisation or relinquishment due to be taken over the next six months. A more detailed overview is provided in the interim report attached.

Financial results
The company made a net profit of NOK 10.6 million for the third quarter. This is attributable to gain on the sale of licence interests and lower exploration costs.

North Energy is financed with NOK 373 million in equity, and its net holding of cash and cash equivalents at 30 September was NOK 174 million. That includes cash in hand and tax receivables less net debt.

The interim report for the third quarter is attached. It can also be accessed at www.northenergy.no. No presentation will be given in connection with the publication of the results for third quarter. Reference is made in that connection to the attached report.

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  of strategy and PA/PR
Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

This information is mandatory under Section 5-12 of the Securities Trading Act.

2013 Q3 Interim Report