10.11.2012 10:28:55 CET

North Energy ASA - Well spudded on PL 498 Skagen

Alta, 10 November 2012

Exploration drilling on the Skagen oil prospect in production licence 498 in the North Sea began on 9 November.

Located about 32 kilometres north-west of the Ula field, this 7/8-7 S well is being drilled by the Maersk Guardian jack-up to a total depth of 3 115 metres. It will take roughly 65 days to complete.

Lotos is the operator with a 25 per cent holding, while partners Edison, Skagen44 and North Energy each have a 25 per cent interest.

With the well being drilled by operator Statoil on the Jette structure in PL 385 in the Norwegian Sea, where North Energy has a 15 per cent holding, the company is participating in two parallel drilling operations which could yield results before the New Year.

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 subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.