28.11.2018 09:49:24 CET

North Energy ASA - Petroleum tax for 2017 refunded

Oslo, 28 November 2018

Reference is made to the Stock Exchange Notice from 8 November 2018 regarding the petroleum tax settlement for 2017 for the subsidiary North E&P (the Company). The Company has today received the cash refund in line with the previously announced tax settlement. 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 termination of the petroleum business in the Company. The total cash refund, including interests, amounts to NOK 234.3 million.

The Company has also settled the remaining NOK 15 million of the exploration finance facility held with DNB and SEB and by that exited the facility.

Furthermore, reference is made to the Stock Exchange Notice from 24 October 2018 regarding a possible change of the tax returns for North E&P from 2014 and 2015 received in a notice from the Norwegian Oil Taxation Office. North Energy strongly disputes both the content and the preliminary conclusion in the notice.

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.