19.12.2014 09:44:05 CET

North Energy ASA - Exploration financing facility renewed

Alta, 19. December 2014
North Energy ASA has today entered into an agreement to renew its NOK 950 million exploration financing facility for the 2015-17 period.

The group of banks providing the facility comprises of DNB and SEB, with the first of these banks acting as coordinator and agent. The agreement includes an option to increase the facility up to NOK 1,150 million.

The facility provides bridge financing to cover the tax value paid by the Norwegian government on exploration expenses in a year until payment is received from the Petroleum Tax Office in the following year. 

North Energy received NOK 359 million from the Petroleum Tax Office on 18. December 2014, representing the tax value of its exploration expenses for 2013. The company reported in the third quarter results of 2014 a net cash position of NOK 344 million that makes the company fully financed for its exploration program.

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

Alexander Krogh, Finance Manager & Investor Relations
Mob: +47 416 48 650 | E-mail: alexander.krogh@northenergy.no

This information is subject to the disclosure provisions in section 5, sub-section 12 of the Norwegian Securities Trading Act.