19.01.2011 09:08:00 CET

North Energy updates drilling programme

North Energy announces update to its drilling programme.


The prospectively evaluation of license Skagen (PL 498), which is a license from the 4 sea acquisition early 2010, has proven positive, and the license partnership has made a drill decision scheduled for 2012. Drilling of Jette (PL 385), which was scheduled Q1 2011, has been rescheduled to Q4 2011/Q1 2012. This is due to operator's decision to use another rig then previously planned. The updated drilling programme remains fully financed.


"We are very satisfied that the Skagen prospect, which is our firm well number 7 in our drilling campaign of 8 wells, now looks promising. We have also decided to include sidetrack wells in two of our wells in the Barents Sea, Heilo and Ypsilion, given a discovery in the initial exploration well. These will provide valuable information earlier, reduce overall drilling cost and may shorten the lead time to PDO with approximately two years" says CEO Erik Karlstrøm.


2011 drilling programme will start with Norvarg (PL 535) 1. May and will be followed by Heilo (PL 530), totaling 3 exploration wells in The Barents Sea and 1 in The Norwegian Sea for 2011. See drilling programme attached.


North Energy ASA is an oil company with headquarter in Alta. The company has 45 employees and 14 licenses. North Energy has in addition been offered 5 licenses in the APA 2010. North Energy was publicly listed on Oslo Axess in February 2010, and is financially solid with an equity of NOK 525 million per end third quarter 2010. North Energy is active within business development to further strengthen its exploration portfolio.


For more information please contact:
Erik Karlstrøm, CEO, Phone (+ 47) 47 65 29 90, e-post: erik.karlstrom@northenergy.no
Knut Sæberg, CFO: Phone  (+ 47) 91 80 07 20, e-post: knut.saeberg@northenergy.no
Siw Sandvik, Communication Director, Phone (+47) 94 79 30 75, e-post: siw.sandvik@northenergy.no


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

North Energy - Updated drilling programme