18.11.2011 08:00:00 CET

North Energy : Update on PL 518 - Zapffe

North Energy announces that the rig "Aker Barents" has completed drilling of wildcat well 7121/9-1 (Zapffe) located in PL518 in the Barents Sea.

The well was drilled to a total depth of 2417 m below sea level. The purpose of the drilling was to prove hydrocarbons in the Lower Cretaceous and Upper Jurassic interval. The well failed to encounter rocks with reservoir quality in the target horizons.
A final press release will be provided by the Norwegian Petroleum Directorate upon completion of the well operations.

The PL 518 partnership consists of DONG E&P Norge  (Operator and 40 per cent working interest), North Energy (30 per cent), Front Exploration (20 per cent), and Valiant Petroleum (10 per cent).

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.