19.8.2021 07:30:01 CEST |North Energy ASA | Half yearly financial reports and audit reports / limited reviewsNorth Energy ASA ("North Energy " or "Company") recorded a comprehensive loss ofNOK 20.8 million in the second quarter of 2021 compared to a comprehensive income ofNOK 52.0 million in the same quarter last year. The loss reported this quarter is mostly driven by a decrease in the market value of the investment inTouchstone Exploration Inc. ("Touchstone Exploration "). In April, theGeneral Assembly ofNorth Energy approved a dividend ofNOK 0.45 per share, in totalNOK 52.8 million . The dividend was paid to shareholders later in April. The Company's cash position as per end of second quarter 2021 is reported atNOK 57.6 million . The Company's main industrial investment,Reach Subsea , reported a comprehensive income ofNOK 15.9 million in the second quarter of 2021.North Energy consolidatesNOK 5.1 million of the result in its financial figures. In addition,North Energy received dividend ofNOK 6.9 million from the associated company. During the quarter,Touchstone Exploration released an operational update with results from a pressure buildup test on Cascadura Deep. The results were in-line with expectations and confirmed the significant potential of the Cascadura structure. Furthermore, the company aims to bring the Coho-1 discovery onto production towards the end of the year. The two Cascadura wells are expected to come into production in the first half of 2022.Touchstone Exploration started inAugust 2021 the drilling of the Royston well, the largest structure on the Ortoire block. At the end of the second quarter 2021,North Energy's total investment portfolio had a market valueNOK 287.0 million , down fromNOK 304.0 million last quarter. The portfolio consists of industrial holdings, listed financial investments and other financial investments. The industrial holdings include the Company's shares inReach Subsea whereNorth Energy is the major shareholder. In April,North Energy , together withFerd AS , invested additionalNOK 10 million each in Wind Catching Systems AS which is developing an innovative technology for floating offshore wind systems. The listed financial investments consist of shares inTouchstone Exploration amongst others. The report for the second quarter 2021 is available on the Company's website, www.northenergy.no - http://www.northenergy.no. DISCLOSURE REGULATION This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act CONTACTS * Knut Sæberg, CEO, +47 918 00 720, knut.saeberg@northenergy.no ATTACHMENTS NE Interim report Q2 2021.pdf - https://kommunikasjon.ntb.no/ir-files/17847319/768/991/NE%20Interim%20report%20Q 2%202021.pdf
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