Alta, 31 August  2012

North Energy ASA (North) has closed the sale of its 12 per cent interest in production licence 433, which contains the Fogelberg gas/condensate discovery, to Centrica Resources Norge.

The purchase price of NOK 73 million including interest has been received, and North Energy will recognise a gain of NOK 45 million in the third quarter of 2012 in connection with the transaction.

"We're due to drill two wells during the last four months of 2012, and are planning two more in the first four months of 2013," says Erik Karlstrøm, chief executive of North Energy.
"The sale of the Fogelberg discovery will contribute to a further strengthening of our exploration programme."

Contacts:

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 and 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.