09.03.2016 13:45:59 CET

North Energy ASA - Exploration financing facility renewed

Oslo, 9 March 2016

North Energy ASA and the fully owned subsidiary North E&P AS signed yesterday an agreement to renew their exploration financing facility for the period 2016-17.

The group of banks providing the facility comprises of DNB and SEB, with the first of these banks acting as coordinator and agent. The facility is limited up to NOK 950 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. 

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

Rune Damm, Finance Manager 
Mob: +47 416 66 685 | E-mail: rune.damm@northenergy.no

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