29.04.2013 11:45:20 CET

North Energy ASA - appraisal well 7225/3-2 spudded on Norvarg (Norvarg 2)

Alta, 29 April 2013

Drilling of an appraisal well on the Norvarg discovery in PL 535 in the Barents Sea began today. The site lies in 377 metres of water about 275 kilometres north of the Hammerfest LNG plant on Melkøya. Being drilled by Ocean Rig's Leiv Eiriksson semi, it is expected to take 69-104 days.

The main objective of the well is to prove up the volume potential in the northeastern segment of the Norvarg closure.

The partners in the licence are Total (operator - 40 per cent interest), North Energy (20 per cent), Det Norske (20 per cent), Valiant Petroleum Norge (13 per cent) and Rocksource Exploration Norway (7 per cent).

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.