North Energy: North Energy ASA - third-quarter results
Alta, 31 October 2013
The company worked actively during the quarter on its application for the 2013
awards in predefined areas (APA) round. A portfolio evaluation was also
conducted on the basis of knowledge from new discoveries and Rex Virtual
Drilling (RVD) analyses.
oOur strong position in the Barents Sea has been confirmed by new
discoveries in the region," comments chief executive Erik Karlstrøm. "The
knowledge these provide increases the likelihood of drilling in our
APA and 23rd round
Extensive work has been done by North Energy for the 2013 APA round. Its
analyses cover the whole Norwegian continental shelf (NCS), and a number of
different plays have been evaluated. The process of identifying the most
interesting blocks for Norway's 23rd offshore licensing round has been
initiated, and attention here will again be concentrated on the Barents Sea.
RVD is being used as a tool along with standard geological and geophysical
methods in identifying the most prospective areas.
Activity in the portfolio
The level of activity in the company's portfolio of licences will be high in
the time to come, with a number of decisions on drill or drop, continuation,
concretisation or relinquishment due to be taken over the next six months. A
more detailed overview is provided in the interim report attached.
The company made a net profit of NOK 10.6 million for the third quarter. This
is attributable to gain on the sale of licence interests and lower exploration
North Energy is financed with NOK 373 million in equity, and its net holding
of cash and cash equivalents at 30 September was NOK 174 million. That
includes cash in hand and tax receivables less net debt.
The interim report for the third quarter is attached. It can also be accessed
at www.northenergy.no. No presentation will be given in connection with the
publication of the results for third quarter. Reference is made in that
connection to the attached report.
Further information from:
Erik Karlstrøm, CEO
Mob: +47 476 52990 | E-mail: email@example.com
Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail: firstname.lastname@example.org
Kristin Ingebrigtsen, vice president of strategy and PA/PR
Mob: +47 926 05 601 E-mail: email@example.com
This information is mandatory under Section 5-12 of the Securities Trading
Interim report for the third quarter 2013
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(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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