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North Energy participated in two wildcats during the second quarter. Both the Zumba and the Haribo drilling prospects proved to be dry. The lack of commercial success combined with persistently difficult market conditions mean that North Energy is assessing further cost-cutting measures.
Quarterly report Q1 2015 – restructuring plan on schedule, up to four exploration wells in second half
Restructuring characterised North Energy during the first quarter of 2015. The company initiated an extensive plan to reduce costs in the business. At the same time, the strategic review initiated by the board continued with the aim of manifesting inherent value in the company.
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