Norwegian oil explorer North Energy said it was looking at all options in a bid to boost shareholder value, which could include mergers and asset sales.
The company reported a wide quarterly loss as low oil prices continue to hurt companies.
The firm said it was on track to complete a restructuring which was started at the end of last year as the company looked to adapt to tougher marker conditions.
North Energy said it currently has no plans to drill new wells and expected drill or drop decisions on 16 out 0f 21 licences to be taken over the next year.
Chief executive Knut Saeberg said:”We’re continuing our efforts to adapt to the demanding market conditions.
“The threshold for investment commitments will be high, and our future exploration wells must satisfy stringent requirements for swift commercialization.
“We have also been hit by the dramatic fall in the oil price. However we have met this by responsible cost cut initiatives.”
The firm said its main focus now was to demonstrate value creation for its shareholders.
In the third quarter, the company reported a net loss of 32.9 million Norwegian crowns ($3.8 million), compared with 31.8 million a year earlier.
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