09.02.2012 11:19:53 CET

North Energy sells Fogelberg gas discovery

North Energy has today entered into an agreement to sell its interest in licence 433 (Fogelberg) for NOK 70 million to Centrica Resources (Norway)

Production licence 433 contains the Fogelberg gas/condensate discovery proven in 2010. North Energy holds 12 per cent of the licence. In 2011 the licence partnership decided to concretize possible development solutions, which are expected to lead to a plan for development and operation within a few years.  

The effective date for the transaction is 1 January 2012 and the sales amount of NOK 70 million is after tax. 
The sales amount is settled in cash at the time of completion. The completion, which is subject to approval by Norwegian authorities, is expected to take place in the second quarter of 2012.
A Energy has been North Energy's advisor in this process.

Contact persons:

Erik Karlstrøm, CEO

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

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

Kristin Ingebrigtsen, Director of Strategy & Public Relations
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.