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North Energy ASA (NORTH.OL)

NORTH.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

North Energy Q4 operating loss shrinks to NOK 14.2 mln
Thursday, 16 Feb 2017 01:30am EST 

North Energy ASA : Q4 operating loss 14.2 million Norwegian crowns ($1.70 million) versus loss 73.3 million crowns year ago . Q4 net loss 2.7 million crowns versus loss 23.6 million crowns year ago .On Jan. 31 North Energy called for EGM in Feb. to resolve proposed cash dividend of 0.25 crowns per share.  Full Article

North Energy: chairman buys 1.8 mln shares via fully owned cos
Wednesday, 18 Jan 2017 08:08am EST 

North Energy ASA : Chairman Anders Onarheim purchased 1.4 million shares at 2.10 Norwegian crowns per share via his fully owned company AB Investment AS . Onarheim purchased 400,000 shares at 2.10 crowns per share via his fully owned company Liju Invest AS . Rachid Bendriss, purchased 526,900 shares at 2.10 crowns per share via his fully owned company Celisa Capital AS, and 100,000 shares at 2.10 crowns privately .Didrik Leikvang purchased 448,163 shares at 2.10 crowns per share via his fully owned company Isfjorden AS.  Full Article

North Energy Q2 net result swings to profit NOK 5.4 mln
Monday, 29 Aug 2016 01:30am EDT 

North Energy ASA : Q2 net profit 5.4 million Norwegian crowns ($652,449.71) versus loss 34.0 million crowns year ago .Q2 operating loss 20.0 million crowns versus loss 141.9 million crowns year ago.  Full Article

North Energy to consider new corporate and management structure
Wednesday, 27 Apr 2016 04:11am EDT 

North Energy ASA:Proposes new corporate and management structure to strengthen business model and its commercial platform.Intends to reorganize its activities and pursue a new business model based on active ownership to exploit investment opportunities in the oil and gas industry and related businesses.Initially will transfer all of its E&P related activities to North E&P AS (formerly Explora Petroleum AS).Will outsource certain strategic, financial and business advisory services to North Advisors AS.North Advisors AS is an advisory company to be owned by group of key stakeholders of the Company, consisting of Anders Onarheim, Rachid Bendriss and Didrik Leikvang.Will form a new subsidiary, North Energy Capital AS (NE Capital), which will enter into a transaction agreement with North Advisors whereby North Energy will transfer substantially all of its financial and operational assets to NE Capital.Settlement to be made through a consideration of new preference shares and 80 pct of ordinary shares in NE Capital.North Advisors will hold the remaining 20 pct of ordinary shares.Preference shares held by North Energy will be redeemed over three years and Company intends to use the proceeds received as dividend payments to shareholders in North Energy.Further intends to pursue consolidation opportunities related to energy assets and companies, which may include partnerships with financial investors or industrial joint ventures within oil and gas business.  Full Article

North Energy renews bank ‍facility of up to NOK 950 mln
Wednesday, 9 Mar 2016 07:51am EST 

North Energy ASA:Says has signed an agreement to renew exploration financing facility for period 2016-17.Says the group of banks providing facility comprises of DNB and SEB, with DNB acting as coordinator and agent​​.Says facility is limited up to 950 million Norwegian crowns.Says the facility provides bridge financing to cover the tax value paid by the Norwegian government on exploration expenses in a year until payment is received from the Petroleum Tax Office in the following year​.  Full Article

North Energy completes Explora Petroleum transaction
Friday, 12 Feb 2016 01:30am EST 

North Energy ASA:Announces completion of Explora Petroleum transaction.Completion of this reorganization is expected by end of H1 2016​.  Full Article

North Energy ASA acquires Explora Petroleum for $2.5 mln
Monday, 21 Dec 2015 02:45am EST 

North Energy ASA:Acquires Explora Petroleum for $2.5 mln.  Full Article

North Energy ASA sells stake in Barents Sea licence to Lime Petroleum
Wednesday, 2 Dec 2015 02:00am EST 

North Energy ASA:Says has signed a sale and purchase agreement with Lime Petroleum Norway AS, whereby North Energy sells its 10 pct interest in production licence (PL) 707 to Lime.Says transaction is part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimising the licence portfolio.Following closure of the sale, the licensees in PL 707 will comprise Edison Norge as operator with 50 percent, PGNiG Upstream International 30 percent and Lime Petroleum Norway 20 per cent.The effective date of the agreement is set at Jan. 1,2016, and the transaction is conditional on the approval of the Norwegian authorities.No price was disclosed in the statement.  Full Article

North Energy ASA sells stake in Arctic field
Monday, 12 Oct 2015 01:00am EDT 

North Energy ASA:Farms out of its 10-percent stake in production license 708 in the Barents Sea.Buyer is Pure E&P Norway.The other partners in the license are Sweden's Lundin Petroleum, Russia's Lukoil, Lime Petroleum and Italy's Edison.  Full Article

North Energy: non-commercial find in Norwegian Sea -partner
Thursday, 1 Oct 2015 02:30am EDT 

North Energy ASA:Announces non-commercial gas/condensate discovery from the Tvillingen Sør exploration well in PL 510 in the Norwegian Sea.North Energy holds 20 pct stake in the license.Tvillingen Sør is located 220 km north-west of Trondheim on the Norwegian west coast and 20 km southwest of the Tyrihans field.  Full Article

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