Brief: North Energy books Q1 profit after one-off gain

North Energy ASA

04/05/2016 06:31

May 4 (Reuters) - North Energy  NORTH.OL  
    * Q1 net profit NOK 94.1 million (loss NOK 35.6 million in 
q1 2015) 
    * A nok 100.8 million gain from acquisition of Explora 
Petroleum as contributed to North Energy's best quarterly 
results in its nine-year history 
    * North Energy had net cash position of nok 181.8 million at 
end q1 versus nok 188.3 million at end q4 
    * Extensive cost cutting initiatives completed, further cost 
reductions due in 2016 
    * Says all options being considered, goal to unlock inherent 
values in north energy 
    * North energy asa says has low cash burn and financial 
flexibility to pursue high quality business opportunities 
 
Source text for Eikon:  ID:nHUG5LVNQY  
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 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))