06.07.2012 09:52:07 CET

North Energy ASA - PL 370 Kakelborg spudded

Alta, 6 July 2012

An exploration well was spudded on the Kakelborg oil prospect in production licence 370 in the northern part of Norway's North Sea sector on 5 July.

This prospect is close to existing infrastructure north-west of the Statfjord and Snorre fields.
The well is being drilled by the Borgland Dolphin rig, and plans call for it to reach its total measured depth in the first half of August.

Wintershall is the operator with a 40 per cent interest. The other partners are Agora (100% subsidiary of Cairn Energy PLC), Concedo and North Energy, with holdings of 30, 20 and 10 per cent respectively.

The Kakelborg well is the first of four planned wells with North Energy involvement over the next six months. The next well in line is planned to be drilled in the third quarter on the Jette gas/condensate prospect in PL 385 in the Norwegian Sea, with Statoil as operator.

Further information from;

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.