05.07.2011 07:30:00 CET

North Energy ASA acquires interests in PL 450 - Storebjørn

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North Energy ASA farms in to PL 450 - Storebjørn

North Energy ASA has purchased 15 percent of PL 450, Storebjørn, from
Det Norske Oljeselskap ASA.

The license is located in the North Sea, Block 7/12, south west of the Ula field. Drilling is expected in the fourth quarter of 2011 with the jack-up rig Maersk Guardian.

North Energy will after the purchase hold a 15 percent share of the license, along with the operator Det norske with 60 percent share, and Dana Petroleum with 25 percent share.

"The acquisition of PL 450 is an important part of North Energy's plan and strategy for growth. The company's focus areas are the Barents Sea and the Norwegian Sea. Purchase of licenses in the North Sea contributes to a balanced portfolio of licenses where early development can take place, combined with the resources in the Barents Sea where the development horizon is longer, in spite of the breakthrough in the north the industry now see the contours of. PL 450 is a license where North Energy has great faith in the discovery and early development", says Erik Karlstrøm, CEO at North Energy.

Approved agreement for the acquisition of PL 370 and PL 385
Norwegian authorities have approved North Energy's acquisition of 10 percent interest in PL 370 - Kakelborg from Wintershall Norway. Operator of the license is Wintershall Norway with 40 percent share. Other partners are Agora Oil & Gas with 30 percent share and Concedo with 20 percent licence share.

In addition, the company received approval for the acquisition of PL 385 - Jette, where North Energy has increased its share from 15 to 35 percent, after having entered into an agreement to acquire 20 percent interest from Wintershall Norway. Statoil is operator and holds 45 percent interest in the license. Other partners are Noreco with 20 percent license share.


Erik Karlstrøm, CEO
Mob: 476 52 990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, CFO
Mob: 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, Director Strategy and Public Relations
Mob: 926 05 601 | E-mail: kristin.ingebrigtsen@northenergy.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.