Brief: North Energy to cut costs after unsuccessful oil drilling

North Energy ASA

19/08/2015 06:00

Aug 19 (Reuters) - North Energy Asa  NORTH.OL : 
    * Q2 net loss nok 34 million versus loss nok 29.1 million 
    * had net cash position of nok 261 million at end q2 versus 
nok 294 million at end q1 
    * Lack of commercial success combined with persistently 
difficult market conditions mean that north energy is assessing 
further cost-cutting measures. Both the Zumba and the Haribo 
drilling prospects proved to be dry 
    * Says "our threshold for taking on future investment 
commitments is being raised" 
    * Says "we'll be guarding our cash position well" 
    * Says faces "11 drill or drop decisions over coming year, 
and have indicated some possible wildcats for 2016-17" 
    * Says earlier in August, the company announced 
the spudding of a new well on the Tvillingen South prospect in 
the Norwegian Sea, and a well is expected to be spudded later 
this year on the Ørnen prospect in the Barents Sea 
    * Tvillingen South is a candidate for a possible tie-back to 
Kristin should a discovery be made, while Ørnen represents a 
substantial oil prospect in the Barents Sea 
 
Source text for Eikon:  ID:nHUG1X6KL9  
Further company coverage:  NORTH.OL  
 
 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))