18.03.2011 08:46:00 CET

North Energy opens office in Tromsø and appoints new Chief Geologist

Oil Company North Energy is expanding its business and is opening an office in Tromsø. The office is located in the Forskningsparken science park and the company's collaborative relationship with the University has been significant in the selection of its office premises. The purpose of establishing this office is to strengthen the geology and geophysics environment within the company.

"We have entered into a professional and strategic collaborative arrangement with the University of Tromsø, which is a leading player in Northern Norway within the hard sciences in general and geosciences in particular.  We would like our employees who work within the discipline of geosciences to work closely with the environment that exists today at the University of Tromsø. We hope to feed back to the university our knowledge of the value chain and the core processes within an oil company. Our objective is to enable many people from the north to have a good, long working life within our industry in the years to come," says CEO of North Energy, Erik Karlstrøm.

At Forskningsparken, North Energy is collocated with the research body Norut, the Onsagers consultancy, Andøya Rocket Range, Aranica and Halti National Park Centre etc.

"North Energy's new chief geologist, Tommy Samuelsberg, is going to lead work at the Tromsø office. In addition, at start-up, a geophysicist has been appointed who will take up the position on 1 May 2011. Later in 2011, more geophysicists will be employed at the office in Tromsø," explains Director of Communications, Siw Sandvik.

Tommy Samuelsberg grew up in Manndalen in Kåfjord and studied at the University of Tromsø where he gained a doctorate in sedimentology, focusing on Permian and Carboniferous deposits in Svalbard and the Barents Sea. His background is in Norsk Hydro, focusing on the Barents Sea, but he has also worked on areas such as Iran, Libya, Iraq and Russia. In 2006, he moved to Discover Petroleum and later to Front Exploration where he has been working principally on the Barents Sea. In the past year, he has been Exploration Manager at Front Exploration. Now he is looking forward to the development of North Energy.

"North Energy is an exciting company with ambitious targets and that is ideal for me. The company has an exciting exploration portfolio, and will be participating in a number of important exploration wells next year. This, together with the company's northern Norway profile, first-rate organisational structure and solid capital base, made me choose North Energy as an employer," Tommy Samuelsberg explains.

North Energy's head office is located in Alta and it has branch offices in Oslo and Stavanger, while an office has recently been established in Bodø. With the establishment of an office in the new Forskningsparken science park in Tromsø, North Energy will have a presence in the three largest growth centres in the three northern counties.

For further information, please contact:

Erik Karlstrøm, CEO, + 47 476 52990

Siw Sandvik, Director of Communications, +47 947 93075

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