North Energy ASA – Petroleum tax settlement for 2017

1 month ago DieselGasoil Comments Off on North Energy ASA – Petroleum tax settlement for 2017

Oslo, 8 November 2018

The Norwegian Oil Taxation Office (OTO) has today informed the subsidiary North E&P AS (under liquidation) of the final tax settlement for 2017. The settlement consist of an exploration tax refund of NOK 33.5 million, which is based on the exploration expenses for 2017, and an exit tax refund of NOK 199.7 million, which is based on the tax losses carried forward from prior years. The tax losses carried forward are settled as a consequence of the liquidation of the company North E&P. Total cash refund, excluding interest, is in line with expectations and amounts to NOK 233.2 million. North E&P has been notified that the cash refund will be settled on 28th of November.

Furthermore, reference is made to Stock Exchange Notice from 24th October 2018 where North Energy ASA (the Company) informs about the notice from OTO regarding a possible change of the tax returns for North E&P from 2014 and 2015. North Energy strongly disputes both the content and the conclusion of the notice. However, the liquidation Board of North E&P will take necessary measures to ensure sufficient financial cover of a potential future tax claim.  

In Q3 2017, the Board of the Company decided to discontinue the petroleum activity on the Norwegian Continental Shelf and dissolve the subsidiary North E&P AS. In October 2017 there were no activities left in North E&P and the company filed the tax return for 2017 with the Norwegian government.

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.


Related Posts

Changes in coal sector led to less SO2 and NOx emissions from electric power industry

DieselGasoil 1 week ago
December 11, 2018 Annual U.S. electric power industry emissions of sulfur dioxide (SO2) and nitrogen oxides (NOx) have declined by 88% and 76%, respectively, between their peaks in 1997... Read More

Police op underway in area around Strasbourg Cathedral – Reuters

DieselGasoil 7 days ago
A police operation is underway in an area around Strasbourg Cathedral after a gunman killed three people and wounded 13 more at a Christmas market hours earlier, Reuters reports.... Read More

Armed police swoop in hunt for Strasbourg gunman

DieselGasoil 5 days ago
Dozens of armed police cordoned off an area of Strasbourg in the hunt for a gunman who killed three and injured another 13 people at a Christmas market. Members... Read More

Yemen peace talks 'to resume next week' after long delay

DieselGasoil 3 weeks ago
Peace talks between all sides in the Yemen conflict look set to resume next week in Sweden, according to three sources with knowledge of the plan. The date could... Read More