24.10.2018 09:25:18 CET

North Energy ASA - Notice from the Petroleum Taxation Office

 Oslo, 24 October 2018
North Energy ASA ("Company") has received a notice from the Petroleum Taxation Office of possible changes of the Company's tax returns from 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.
North Energy is very surprised and strongly disputes both the content and the conclusion of the notice. The Company will prepare a response prior to the deadline of 31 December 2018.
Irrespective of the notice mentioned above, the Company's tax settlement for 2017 is expected to be announced at 7 November 2018. The settlement is assumed to be in accordance with the filed tax return. 

For further information, please contact:

Knut Sæberg, CEO 
Mobile: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.