North Energy : North Energy ASA - presents results for second quarter
Alta, 23 August 2013
Drilling of an appraisal well on the Norvarg discovery was completed during
the quarter, confirming the considerable extent of the find and the presence
of moveable gas throughout the Kobbe formation. Production tests failed to
provide clear answers, and the partnership will now interpret all data
acquired and assess estimated volumes and potential development
o"Surrounding areas will be taken into account in the continued work of
assessing Norvarg," says chief executive Erik Karlstrøm. "The moveable gas
now proven in levels deeper than the exploration well mean that adjacent
acreage could influence the total estimated volumes in Norvarg."
Six high-priority licences awarded in 22nd round
All six licences awarded to North Energy from the 22nd licensing round are
located in the Barents Sea and include a firm well north-west of the Skrugard
area. Results from this licensing round reinforce the substantial position
already occupied by the company in the Barents Sea.
North Energy made a net loss of NOK 32.4 million in the second quarter. This
result is largely attributable to the sale of licence interests as well as to
exploration and licence costs for the period. With an equity of NOK 362
million, the company had net cash of NOK 193 million at 30 June. That includes
holdings of cash and cash equivalents as well as tax asset less net
The report and presentation for the second quarter of 2013 are attached, and
can also be accessed at www.northenergy.no
North Energy will be presenting its second-quarter results at 09.00 today. The
presentation will be given by Karlstrøm and chief financial officer Knut
Sæberg at the Felix Course and Conference Centre, Bryggetorget 3, Oslo.
The presentation can also be followed by webcast.
Further information from:
Erik Karlstrøm, CEO
Mob: +47 476 52990 | E-mail: firstname.lastname@example.org
Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail: email@example.com
Kristin Ingebrigtsen, vice president of strategy and PA/PR
Mob: +47 926 05 601 E-mail: firstname.lastname@example.org
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Interim report Q2 2013
Q3 2013 Presentation
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: North Energy via Thomson Reuters ONE
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