Brief: Oil firm North Energy has net cash NOK 188 mln, Q4 loss narrows

North Energy ASA

25/02/2016 06:30

Feb 25 (Reuters) - North Energy  NORTH.OL  says: 
    * Q4 net loss NOK 23.6 mln (loss NOK 28.4 million in q4 
2014) 
    * With a low cost base and a healthy financial position, we 
will continue to evaluate market for potential value adding 
transactions 
    * We do not foresee any drilling activity in short term, but 
we will continue to look for quality opportunities, both in 
farm-in market and on a corporate level 
    * Cost-cutting measures in 2015 will result in significant 
lower operating expenses starting first quarter 2016 
    * Had net cash position of NOK 188.3 million at end Q4 
versus NOK 219.1 million at end Q3 
    * We will have very low operating expenses in time to 
come 
    * Threshold for future investment commitments will be high 
    * Ongoing reorganization with Explora acquisition expected 
to be completed by the end of the first half of 2016 
 
Source text for Eikon:  ID:nHUG1ttPbS  
Further company coverage:  NORTH.OL  
 
 (Reporting by Gwladys Fouche) 
 ((gwladys.fouche@thomsonreuters.com;))