Alta, 2 May 2012  North Energy ASA - Dry Exploration well on the Storebjørn prospect The operator for Storebjørn PL 450, Det norske oljeselskap ASA, is about to complete drilling operations on the well. The drill bit encountered high pressure zones in the well. Because of this, it has taken somewhat longer time to reach the reservoir section than originally estimated, as special procedures applying to high pressure wells had to be used. The reservoir section was water bearing, and the well will be plugged and abandoned as a dry well. North Energy holds a 15 percent ownership in the well. The operator, Det norske holds a 60 percent ownership and Dana Petroleum holds a 25 percent ownership in the well.

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.