08.09.2011 06:30:00 CET

Important milestone for production license 433 - Fogelberg

Deeper studies show that the license contains more gas than originally anticipated, and that further development of PL 433 Fogelberg will be profitable.

"We are satisfied that the operator's resource estimate of Fogelberg increases from 47 to 68 million barrels of oil equivalents. This confirms our earlier assumption that North Energy's first exploration well represents a resource base to justify a profitable development. There is no need to invest in several wells before a final development decision is taken. We also support the operator's work towards a solution to find market access to the gas as soon as possible. We have full confidence that all options are considered", says Erik Karlstrøm, Chief Executive Officer at North Energy ASA.

After the discovery of gas condensate in well 6506/9-2S in 2010, the operator Centrica Resources Norway AS carried out detailed studies of the reservoir and development opportunities. The outcome of the work is leading to the decision gate termed 'Concretization' (Norwegian BoK) which is a formal milestone in the license.

The Partnership praises the operator for good and thorough work. North Energy has during the same period made an equal reservoir study that fully supports the operator's work. The partners in this work decided not to drill appraisal well.

PL 433 is located in the Norwegian Sea, about 10 km north of the Åsgard field, about 240 km northwest of Kristiansund. Partners of the license are Centrica Resources Norway AS (operator 28% share, North Energy ASA (12%), Petro-Canada Norway AS (30%), Faroe Petroleum Norway AS (15%) and E. ON Ruhrgas Norway AS (15 %).

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


Erik Karlstrøm, Managing Director, North Energy ASA.
Mob: (+47) 476 52 990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, Chief Financial Officer, North Energy ASA.
Mob: (+47) 918 00 720 | E-mail: knut.saeberg@northenergy.no

Siw Sandvik, Communication Manager, North Energy ASA
Mob: +47 947 93 075 | E-mail: siw.sandvik@northenergy.no

Stock Exchange Notification - Fogelberg