17.04.2013 15:30:00 CET

North Energy ASA: Signs agreement with Lime Petroleum Norway AS

Alta, 17 April 2013

Reference is made to the stock exchange announcement dated 3 May 2012, in which North Energy (North) announced its Sale and Purchase agreement with Lime Petroleum Plc. A revised agreement is today signed with Lime Petroleum Norway AS (Lime), replacing the agreement with Lime Petroleum Plc. 

As a result of the relinquishment of production licences 518 and 530, which were included in the agreement announced on 3 May 2012, an updated Sale and Purchase agreement has been entered into today between North and Lime. This agreement includes the following production licences and interests:

Licence                         Interest

PL 498                             5.0%

PL 503                            12.5%

PL 503B                           12.5%

PL 526                            33.3%
PL 562                             5.0%

PL 616                             5.0%

The total sale sum after tax for these licence interests is NOK 28.2 million. North has entered into a loan agreement of NOK 27.5 million with Lime Petroleum Plc., which will be netted against the sale sum when the licence interests are formally transferred to Lime.

 The effective date of the transaction is 1 January 2013. The transaction is subject to government approval.

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.