Dividends

North Energy has not previously paid dividends and does not expect to pay ordinary dividends to shareholders in the near future. North Energy will over time provide shareholders with a competitive return on capital relative to the underlying risk of the business. Payment of dividends will be determined on the basis of the Company’s expected cash flow, capital expenditure plans, financing requirements and other factors the Board considers relevant.

All proposals from the Board concerning dividends must be approved by shareholders at the General Meeting to ensure that the Company’s equity and dividend are consistent with its objectives, strategies and risk profile.