03.05.2013 13:50:54 CET

North Energy ASA sells licence interests

Alta, 3 May 2013

North Energy ASA has today signed a sale and purchase agreement with Spike Exploration Holding AS (Spike), whereby North Energy sells 10 per cent interests in production licences (PLs) 299 and 590 to Spike. North Energy's remaining holdings after implementing the sale will be 10 per cent in PL 299 and 30 per cent in PL 590.

Operator Talisman is planning to spud a well within the near future on the Frode oil prospect in PL 299, which lies in the North Sea. A drilling decision is due to be taken by February 2014 in PL 590, operated by North Energy in the Norwegian Sea.

The agreement has accounting effect from 1 January 2013, and is conditional on the approval of the Norwegian authorities.

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.