08.11.2018 14:28:57 CET

North Energy ASA - Petroleum tax settlement for 2017

Oslo, 8 November 2018

The Norwegian Oil Taxation Office (OTO) has today informed the subsidiary North E&P AS (under liquidation) of the final tax settlement for 2017. The settlement consist of an exploration tax refund of NOK 33.5 million, which is based on the exploration expenses for 2017, and an exit tax refund of NOK 199.7 million, which is based on the tax losses carried forward from prior years. The tax losses carried forward are settled as a consequence of the liquidation of the company North E&P. Total cash refund, excluding interest, is in line with expectations and amounts to NOK 233.2 million. North E&P has been notified that the cash refund will be settled on 28th of November.

Furthermore, reference is made to Stock Exchange Notice from 24th October 2018 where North Energy ASA (the Company) informs about the notice from OTO regarding a possible change of the tax returns for North E&P from 2014 and 2015. North Energy strongly disputes both the content and the conclusion of the notice. However, the liquidation Board of North E&P will take necessary measures to ensure sufficient financial cover of a potential future tax claim.  

In Q3 2017, the Board of the Company decided to discontinue the petroleum activity on the Norwegian Continental Shelf and dissolve the subsidiary North E&P AS. In October 2017 there were no activities left in North E&P and the company filed the tax return for 2017 with the Norwegian government.

For further information, please contact:

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

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