STOCK EXCHANGE NOTIFICATION

The drilling of production license 518 - "Zapffe" in the Barents Sea, commenced 15th of October. The well will be drilled 70 km northwest of Sørøya by the semi-submersible rig Aker Barents, and is directed towards an exploration of the Early Cretaceous / Late Jurassic age.

The drilling is estimated to reach its total depth in early December.

DONG E&P Norge is the operator of the license with a 40% share, while North Energy is a partner with 30% license share. Other partners are Front Exploration AS with 20% and Valiant Petroleum PLC with 10% share.


Contacts:

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

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

Kristin Ingebrigtsen, Director of Strategy and PR, North Energy
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.