24.06.2013 08:00:00 CET

North Energy ASA - Update on Norvarg appraisal well

Alta, 24 June 2013

The appraisal well (7225/3-2) being drilled on the Norvarg discovery, located in PL 535 in the Norwegian sector of the Barents Sea, has  confirmed the presence of hydrocarbons in the Kobbe formation based on the results of wire line logs and formation tests and cores.

The partnership has decided to perform a drill stem test (DST) on the well to assess the quality of the Kobbe reservoir and the volume potential in the northeastern part the Norvarg closure.

Appraisal drilling operations commenced on 25 April 2013. The well is being drilled using Ocean's Leiv Eiriksson semi-submersible rig. The well is located in 377 metres of water, approximately 275 kilometers north of the Hammerfest LNG plant on Melkøya.

The partners in the licence are Total E&P Norge (operator - 40 per cent interest), North Energy (20 per cent), Ithaca Petroleum Norge (13 per cent), Statoil (10 per cent*), Det Norske (10 per cent*), and Rocksource Exploration Norway (7 per cent). * Pending governmental 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.