Alta, 17 December 2012 The operator for Skagen PL 498, Lotos Norge, is about to complete drilling operations on the prospect. No hydrocarbons were encountered, and the well will be plugged and abandoned as a dry well. North Energy holds a 25 percent ownership in the well. The operator, Lotos Norway holds 25 percent, Edison International 25 percent and Skagen 44 holds a 25 percent ownership.

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, 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.