22.10.2012 16:16:31 CET

North Energy ASA - Well spudded on PL 385 Jette

Alta, 22 October 2012

Exploration drilling on the Jette gas and condensate prospect in production licence 385 began on 21 October in the Norwegian Sea.

Located 16 kilometres north-west of the Norne production ship, this prospect is roughly 209 kilometres from Brønnøysund in northern Norway.

The 6607/12-3 well is being drilled by the West Alpha rig to a total depth of 4 352 metres, and will take roughly 60 days to complete.

Statoil is the operator with a 45 per cent holding, while partners Noreco, DONG Energy and North Energy hold 20, 20 and 15 per cent respectively.

The Jette well is the first of two planned for North Energy before the end of 2012. Due to be spudded in November, the second will be on the Skagen prospect in PL 498 in the North Sea with Lotus 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, Vice president  Strategy and PA/PR
Mob: (+47) 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

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