14.01.2011 07:30:00 CET

North Energy ASA renews and expands exploration loan facility

Alta, 13. January 2011: North Energy ASA (NORTH) announces renewal and expansion of its exploration loan facility from NOK 300 million to NOK 760 million. North Energy's exploration campaign of 8 wells for 2010-2012 is fully financed.


"We are very pleased to have in place a syndicate with first-class and complementary banks at competitive terms and conditions. This syndicate will also have the necessary financial capacity and competency for future field development financing" says CEO Erik Karlstrøm.


The bank consortium consists of DnB NOR and SEB, with DnB NOR as coordinator and Agent for the facility.


North Energy ASA is an oil company with headquarter in Alta. The company has 45 employees and 14 licenses. North Energy was publicly listed on Oslo Axess in February 2010, and is financially solid with an equity of NOK 525 million. The company has planned 3 exploration wells in the Barents Sea and 1 exploration well in the Norwegian sea for 2011. North Energy is active within business development to further strengthen its exploration portfolio. The company has so far participated in 2 exploration wells, where a discovery was announced in April 2010 on PL 433 Fogelberg.  


For more information please contact:
Knut Sæberg, CFO: (+47) 918 00 720
Alexander Krogh, Investor Relation: (+47) 416 48 650


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