Brief: Oil firm North Energy stops activities offshore Norway

North Energy ASA

07/07/2017 09:42

July 7 (Reuters) - NORTH ENERGY ASA  NORTH.OL  
    * DISCONTINUES PETROLEUM ACTIVITIES ON THE NORWEGIAN 
CONTINENTAL SHELF 
    * HAS SIGNED AN AGREEMENT WITH LUNDIN NORWAY  LUPE.ST  
WHEREBY NORTH E&P WILL SELL ITS 40% WORKING INTEREST IN 
PRODUCTION LICENCE 805 TO LUNDIN NORWAY. 
    * TRANSACTION IS CONDITIONAL UPON APPROVAL BY NORWEGIAN 
AUTHORITIES. 
    * NET CASH POSITION OF NORTH E&P, INCLUDING VALUE OF TAX 
LOSSES CARRIED FORWARD, WAS APPROXIMATELY NOK 245 MILLION AS OF 
Q1 2017. 
    * FINAL PROCEEDS RECEIVED FROM LIQUIDATION OF NORTH E&P WILL 
DEPEND ON CLOSING COSTS, AS WELL AS A FINAL ASSESSMENT BY 
NORWEGIAN OIL TAXATION OFFICE. 
 
FURTHER COMPANY COVERAGE:  NORTH.OL  
 
 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))