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North Energy: North Energy ASA - fourth quarter of 2015 - Delivering on restructuring plan, looking for growth opportunities

Oslo, 25 February 2015

North Energy continued its extensive restructuring plan in the fourth quarter
of 2015. At the end of 2015, the Company had completed several key measures
in this respect, including the closure of the Alta and Tromsø offices. In
parallel, the Company in December announced the acquisition of Explora
Petroleum AS (Explora). With a low cost base and a healthy financial
position, North Energy will continue to evaluate the market for potential
value adding transactions.

"North Energy is looking for the right opportunities to grow, and we will
continue our search for business opportunities," confirms Knut Sæberg, CEO of
North Energy. "Our own cost base has been reduced dramatically, and we will
have very low operating expenses in the time to come. We do not foresee any
drilling activity in the short term, but we will continue to look for quality
opportunities, both in the farm-in market and on a corporate level".

The acquisition of Explora was announced in December and completed in
February. Explora had 16 licences on the Norwegian Continental Shelf (NCS) at
the date of transaction, including small interests in the Skarfjell and
Grosbeak discoveries, both in PL 378 in the north-eastern North Sea, located
about 20 kilometres south-west of the Gjøa field. Skarfjell is currently
estimated to contain 127 million barrels of recoverable oil equivalents while
Grosbeak is estimated to contain 35 million barrels of recoverable oil
equivalents. Net to North Energy, the resources in license PL 378 are
estimated to be approximately 4 mmboe.

North Energy posted a net loss of NOK 23.6 million for the fourth quarter.
This related primarily to exploration and licence costs of roughly NOK 14
million after tax. The company is financed with equity of NOK 314.9 million
and on 31 December 2015 had a net cash position of NOK 188.3 million,
including tax receivable less exploration loan debt.

The interim report and presentation for the fourth quarter are attached. These
can also be accessed

North Energy will be presenting its results for the fourth quarter of 2015 at
09.00 today. The presentation will be given by CEO Knut Sæberg. The venue is
the Felix Course and Conference Centre, Bryggetorget 3, Oslo. The
presentation can also be followed viawebcast.

For further information:
Knut Sæberg, CEO
Mob: +47 918 00 720 |

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

North Energy 2015 Q4 Interim Report
North Energy 2015 Q4 Presentation


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Energy via Globenewswire


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