10.05.2013 18:56:43 CET

North Energy ASA - PL 299 Frode well spudded

Alta, 10 May 2013

Exploration drilling has begun today on the Frode oil prospect in production licence 299 in the North Sea.

Located about 16 kilometres south-east of the Gyda field, well 2/1-16 S is being drilled by the Maersk Giant jackup.

Partners in the licence are Talisman (operator with 31.5 per cent), Capricorn Norge (wholly owned subsidiary of Cairn Energy PLC, 28.5 per cent), Dong E&P Norge (20 per cent) and North Energy (20 per cent). North Energy signed a purchase and sale agreement on 3 May with Spike Exploration Holding AS covering the sale of a 10 per cent holding in PL 299. This deal is awaiting 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 mandatory under Section 5-12 of the Securities Trading Act.