Resolution from the MPE regarding reduced capital element tariff

 

In reference to the Company’s announcements dated 15 January and 15 March 2013, the Ministry of Petroleum and Energy (‘MPE’) has today announced changes in the Tariff Regulation which will become effective on 1 July 2013. The Ministry’s decision is based on its original proposal as outlined in the consultation paper dated 15 January 2013, with the following two adjustments; (i) the 90 % reduction in capital tariffs will only apply for capacity booked after 1 July 2013 for use after 1 October 2016, and (ii) tariffs in tariff area G (Kvitebjørn Gas Export) and H (Norne Gas Transport) will not be changed. The exceptions in area G and H are additions to the exceptions in the initial proposal; area F (Tampen Link), I (Gjøa Gas Pipeline) and CO2 and H2S removal/blending which also will not be changed.

Significant parts of the Gassled system are already booked for several years to come and so, the implications for the Company are not substantial in the short to medium term, but will increase over time. However, based on our analysis of the implications of the change to the Tariff Regulation, the Company forecasts that it will generate sufficient cash to service all of its debt obligations.

The Company is now thoroughly assessing the implications of the change in the Tariff Regulation and evaluating its options. The Company will continue to inform its investors as appropriate.

Dated: 27 June 2013

Njord Gas Infrastructure AS

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations.

Njord Gas Infrastructure AS is headquartered in Stavanger, Norway. It invests in Norwegian gas infrastructure and currently holds an 8.036% participating interest in Gassled. For more information, please refer to http://njordgasinfra.no/.

For information, please contact:

Birte Norheim, Finance Director
+47 51911064 office
+47 95293321 mobile

Dan-Jarle Flølo, CEO (Media)
+47 51911067 office
+47 90113159 mobile