12.11.2010 07:00:00 CET

North Energy ASA - third quarter 2010

Alta, 12. November 2010: North Energy ASA (NORTH) will today at 0900 present results from Q3 2010 in Oslo.

North Energy is drilling its second well (PL 341 Stirby) in a  campaign of 8 wells for the period 2010-2012. The first well, PL 433 Fogelberg, contained gass-condensate. North Energy has during third quarter secured rig capasity for all its firm wells.

In August, North Energy entered into 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. Results are expected during November.

CEO, Erik Karlstrøm, states; "North Energy's core areas for exploration are the Norwegian Sea and the Barents Sea, but the company will participate actively in acquisitions, swaps and divestments of licenses in the North Sea where it contributes positively to the license portfolio and is commercially attractive."

North Energy reached a result after tax for the third quarter of -10,9 million kroner, versus -10,6 million kroner in the second quarter, and -31,1 million kroner in third quarter 2009. North Energy is financially solid with cash position, including exploration tax refund, totaling 452 million kroner, completely financing the campaign of 8 wells.

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 or a direct link for webcast.

Attachments are presentation and report for Q3 2010.

The company will be represented by:

CEO Erik Karlstrøm, phone + 47 476 52 990

CFO Knut Sæberg, phone + 47 918 00 720

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)


2010 Q3 Interim Report
North Energy 2010-11-12 Q3 2010 Presentation