19.08.2010 08:00:00 CET

North Energy presents results from Q2 2010

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Alta, 19. August 2010: North Energy ASA (NORTH) will today at 0900 present results from Q2 2010 in Oslo.

North Energy has signed an agreement with Talisman Energy Norge AS to acquire a 11% share in PL 341 Stirby license located in the North Sea, northeast of Brea East and north of Gundrun. This transaction is part of North Energy's target to acquire 3 licenses with firm well commitments in 2010. The drilling of the exploration well on the 341 Stirby prospect started on August 16th  2010. North Energy considers PL341 an attractive prospect, both in terms of probability of discovery and volumes, with a potentially large upside in deeper structures.

Further analysis of PL433 Fogelberg discovery have been conducted during Q2 with confirmation of previously estimated volumes and that gas CO2 content is in line with other discoveries in the area. North Energy considers the discovery to be commercial even with pessimistic volume estimates.

The results will be presented by CEO Erik Karlstrøm and CFO Knut Sæberg at Felix Conferencesenter, (Bryggetorget 3, Vika) at 09:00 a.m..  

A live webcast of the interim results will also be available on the company website www.northenergy.no  or a direct link for webcast.

Please see attached report and presentation for Q2 2010.

The company will be represented by:
CEO Erik Karlstrøm, phone + 47 476 52 990
CFO Knut Sæberg, phone + 47 918 00 720
Communication/IR Manager, Christina Søgård, phone + 47 975 22 020

2010 Q2 Interim Report
North Energy 2010-08-19 Q2 2010 Presentation