06.03.2012 08:00:00 CET

North Energy ASA - Commencement of subscription period subsequent repair offering

Alta, 6 March 2012


Reference is made to the stock exchange notice from North Energy ASA ("North Energy" or the "Company", ticker "NORTH") dated 10 February 2012 and 2 March 2012 regarding the private placement of 15 million new shares with gross proceeds of NOK 150 million (the "Private Placement") and the subsequent repair offering of up to 1.5 million new shares (the "Offering").

A Prospectus for the Offering was approved by The Financial Supervisory Authority of Norway on 2 March and made public on 6 March 2012. Reference is made to the prospectus for full details on the Offering. The Prospectus and Subscription Form may be obtained at the Company's office or the Joint Bookrunners' offices or web sites; www.dnb.no/emisjoner or www.paretosec.no.

The subscription period for the Offering commences today, 6 March at 09:00 CET, to and including 19 March at 09:00 CET.

The subscription price in the Offering is NOK 10.00 per share.

Existing shareholders of the Company as of 9 February 2012 who as at the same date holds 50,000 shares or less, and who did not participate in the Private Placement and who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway, would require any filing, registration or similar action are invited to participate in the Offering ("Eligible Shareholders").

The Company has issued one Subscription Right per one Share held in the Company as of 9 February 2012 by the Eligible Shareholder. Each Subscription Right grants the owner the right to subscribe for and be allocated 0.46313 Offer Share. The number of Shares issued to each shareholder will be rounded down to the nearest whole number of Shares. Oversubscription and subscription without Subscription Rights is permitted by Eligible Shareholders. The Subscription Rights are non-tradeable and non-transferable.

Upon completion of the Offering, the share capital of the Company will be increased by up to NOK 1.5 million through issue of up to 1.5 million new shares.

Reference is made to the prospectus dated 2 March 2012, and the resolution made by the Company's extraordinary general meeting on 2 March 2012 regarding the Private Placement and Offering, for further description of applicable terms.

The expected time table for the Offering is as follows:

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 publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. North Energy ASA does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.