Alta, 12 June 2013

North Energy was today awarded six new licenses in the Barents Sea in the 22nd licensing round, according to a press release from the Oil and Energy Department. Only Statoil received a larger award than North Energy, with one more license. The award significantly strengthens the company's position in the attractive areas in the north.

"We are very satisfied to be awarded several of the most exciting and valuable licenses in the area," states the CEO, Erik Karlstrøm. "We see the awards as a recognition of the extensive work invested in the application process, and as a support of the company's long-term strategy in the north."

The award consists of the following licenses:

PL 535B, block 7225/2 (part) is an extension of PL 535 Norvarg. The awarded share in the license is 20 percent.

PL 707, blocks 7127/5, 6 and 7128/4 are situated in proximity to the coast on the Finnmark East platform. The awarded share in the license is 20 percent.

PL 708, blocks 7130/4 (part), 7 are situated in proximity to the coast on the Finnmark East platform. The awarded share in the license is 20 percent.

PL 713, blocks 7219/2, 3 and 7319/11, 12 are situated in the Bjørnøya basin, approximately 60 km northwest of Skrugard. The awarded share in the license is 20 percent.

PL 719, blocks 7321/8, 9 are situated approximately 100 km north of the discoveries Skrugard and Havis. The awarded share in the license is 20 percent.

PL 722, blocks 7322/6 and 7323/4 are situated in the Maud basin in the western part of the Bjarmeland platform. The awarded share in the license is 20 percent.

The company has after this award nine licenses in the Barents Sea, eight in the Norwegian Sea which includes two operatorships, and eight in the North Sea.

There are ongoing operations in two of North Energy's licenses. In PL 535 Norvarg in the Barents Sea an appraisal well is currently being drilled, and in the North Sea in PL 299 Frode, exploration drilling is ongoing. Results are expected from both wells during the summer.  

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.