10.04.2012 08:30:00 CET

North Energy (NORTH) signs Letter of Intent with Lime Petroleum and Rex Oil & Gas

Alta, 10 April 2012

North Energy ASA is pleased to announce that the company has entered into a Letter of Intent (LoI) with Lime Petroleum Plc (Lime) and Rex Oil & Gas Limited (Rex) transferring parts of North Energy's interest in the licenses PL 503, PL 518, PL 526 and PL 530 to Lime, upon their pre-qualification as an exploration company on the NCS. This will need the approval of the Norwegian authorities.

Lime is an exploration company, mainly active in the Gulf Cooperation Council area, and intends to establish a wholly owned Norwegian subsidiary in 2012. Rex is the owner of different innovative exploration technologies.

The intention of the parties is to agree on the final terms of the agreements, and to have such agreements finally approved by the respective Board of directors within end April 2012.

Press releases from Lime Petroleum, Rex Oil & Gas and Hibiscus Petroleum are available at www.northenergy.no

For further information, please contact:

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