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Oil & Gas Exploration and Production

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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.

Cosmo Energy Holdings KK announces business transfer

Thursday, 5 Nov 2015 03:00am EST

Cosmo Energy Holdings KK:To take over group company management business from its wholly owned subsidiary, effective on Jan. 1, 2016.

North Energy announces further extensive cost cuts

Wednesday, 16 Sep 2015 06:00am EDT

North Energy ASA:Announces further extensive cost cuts.Persistent difficult market conditions underlie decision to make further savings.Annual operating costs for company will thereby be reduced to about 10 million Norwegian crowns after tax, with programme taking virtually full effect from 2016.With a significant reduction in costs, limited future commitments and a reported cash position of 260 million crowns at June 30, North Energy is fully funded until further with current activity levels.New cost measures involve further downsizing and concentration of all activities in Oslo.This means that Tromsø and Stavanger offices will be closed.Approved cost cuts will have consequences for a number of employees.Continuing its process of assessing different strategic directions for company.Exploring a number of alternative strategic directions, these include possible mergers and amalgamation.

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