Alta, 23 August 2013 

Drilling of an appraisal well on the Norvarg discovery was completed during the quarter, confirming the considerable extent of the find and the presence of moveable gas throughout the Kobbe formation. Production tests failed to provide clear answers, and the partnership will now interpret all data acquired and assess estimated volumes and potential development opportunities. 

• "Surrounding areas will be taken into account in the continued work of assessing Norvarg," says chief executive Erik Karlstrøm. "The moveable gas now proven in levels deeper than the exploration well mean that adjacent acreage could influence the total estimated volumes in Norvarg." 

Six high-priority licences awarded in 22nd round
All six licences awarded to North Energy from the 22nd licensing round are located in the Barents Sea and include a firm well north-west of the Skrugard area. Results from this licensing round reinforce the substantial position already occupied by the company in the Barents Sea.

Results
North Energy made a net loss of NOK 32.4 million in the second quarter. This result is largely attributable to the sale of licence interests as well as to exploration and licence costs for the period. With an equity of NOK 362 million, the company had net cash of NOK 193 million at 30 June. That includes holdings of cash and cash equivalents as well as tax asset less net exploration loans.
               
The report and presentation for the second quarter of 2013 are attached, and can also be accessed at www.northenergy.no

North Energy will be presenting its second-quarter results at 09.00 today. The presentation will be given by Karlstrøm and chief financial officer Knut Sæberg at the Felix Course and Conference Centre, Bryggetorget 3, Oslo.

The presentation can also be followed by webcast.

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  of strategy and PA/PR
Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no