05.10.2011 08:00:00 CET

Update on PL 530 - Heilo

Stock Exchange Notification

Alta, 5.10.2011 - Ticker: NORTH

North Energy announced today that the drilling rig "Aker Barents" has completed drilling of the two main reservoirs and one of the secondary targets in the Heilo well in PL 530 in the Barents Sea. The well has not encountered hydrocarbons.

The well will now continue drilling to planned total depth in the Havert Formation, testing possible deeper targets. A final press release will be provided by the Norwegian Petroleum Directorate upon completion of the well operations.

The PL 530 partnership consists of GDF SUEZ E&P Norge (Operator and 30 per cent working interest), Front Exploration (20 per cent), North Energy (20 per cent), Rocksource (20 per cent) and Repsol (10 per cent).

After completion of Heilo, the rig "Aker Barents" will continue to PL 518 Zapffe, also located in the Barents Sea. The partnership in Zapffe consists of Dong 40 per cent (operator), North Energy 30 per cent, Front Exploration 20 per cent and Valiant 10 per cent.


Erik Karlstrøm, Chief Executive Officer.

Mob: (+47) 476 52 990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, Chief Financial Officer.

Mob: (+47) 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, Director of Strategy and PR.
Mob: (+47) 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.

Stock Exchange Notification