NORTH ENERGY: NORTH ENERGY ASA - FIRST QUARTER RESULTS 2018

07:30
Oslo, 31 May 2018

North Energy ASA (North Energy or Company) recorded a comprehensive loss
of NOK 25.3 million in the first quarter of 2018, compared to a comprehensive
loss of NOK 11.5 million in the corresponding quarter 2017. The weaker result
is mainly due to a drop in the market value of Seabird Exploration, an asset
in the Companys portfolio of financial investments, which was reported with
a corresponding gain last quarter.

North Energys total financial investment portfolio has gradually increased
during the last year and is now reported to NOK 166.6 million, measured at
market value. The portfolio consists of industrial holdings, listed financial
investments and other financial investments. The industrial holdings includes
the Companys shares in Reach Subsea where North Energy is the major
shareholder. The listed financial investments consists of shares in
Touchstone Exploration and Seabird Exploration, amongst others. The shares in
Seabird Exploration has, however, been realized after the quarter end.

The tax settlement for the discontinued petroleum activities in the subsidiary
North E&P are still outstanding with the Norwegian Oil Tax Office and there
are no new indications regarding the timing of the settlement. North E&P
filed the tax return for 2017 with the Norwegian government in October last
year and requested for an early tax settlement.

The Company is financed with equity of NOK 394.7 million and, as of 31 March,
North Energy had a net cash position of NOK 42.6 million. Including the value
of tax losses carried forward in North E&P, the net cash position was NOK
243.3 million. The proceeds to be received from the liquidation of North E&P
are depending on the final assessment by the Norwegian Oil Taxation Office.

The interim financial report for the first quarter 2018 is available at the
Companys website,www.northenergy.no.

For further information, please contact:
Knut Sæberg, CEO
Mobile: +47 918 00 720 | E-mail:knut.saeberg@northenergy.no

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

North Energy Interim report Q1 2018
http://hugin.info/142168/R/2196215/851051.pdf

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Source: North Energy via Globenewswire