17.12.2012 12:15:00 CET

North Energy ASA - exploration financing facility renewed

Alta, 17 December 2012

North Energy ASA has today entered into an agreement to renew its NOK 950 million exploration financing facility for the 2013-15 period.

The group of banks providing the facility comprises DNB and SEB, with the first of these banks acting as coordinator and agent.

The facility provides bridge financing to cover the tax value paid by the Norwegian government on exploration expenses in a year until payment is received from the Petroleum Tax Office in the following year.

North Energy will receive NOK 563 million from the Petroleum Tax Office on 21. December 2012, representing the tax value of its exploration expenses for 2011.

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.