Alta, 2 May 2012

North Energy ASA has entered into a swap agreement with Dong E&P Norge AS, under which North Energy will acquire 20 per cent of production licence (PL) 299 in Norway's North Sea sector, while Dong secures 20 per cent of PL 385 in the Norwegian Sea. Drilling is planned in both licences during 2012.

"Through this transaction, we've added a further well to a drilling programme which now totals five firm wells," says North Energy CEO Erik Karlstrøm. "That confirms our continuous efforts to optimise the company's portfolio and to secure a good balance between gas and oil prospects."

PL 299, embracing the Frode oil prospect, lies about 15 kilometres south-east of the Gyda field. Talisman as operator will drill the prospect with Mærsk Guardian in the third/fourth quarter.
Subject to government approval of the swap deal, the interests in the licence will be Talisman with 31.5 per cent, Agora 28.5 per cent, Dong E&P 20 per cent and North Energy 20 per cent.
Statoil is operator of PL 385 and plans to drill the Jette gas prospect with West Alpha in the third quarter. After the swap, North Energy will have a 15 per cent interest in this licence.

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 mandatory under Section 5-12 of the Securities Trading Act.