02.09.2013 08:00:00 CET

North Energy ASA - government approves licence sale to Lime Petroleum Norway AS

Alta, 2. September 2013

Approval has now been received from the Ministry of Petroleum and Energy concerning the purchase and sale agreement between North Energy ASA and Lime Petroleum Norway AS (Lime).

As reported in the stock exchange announcement of 17 April 2013, North Energy sold the following licence interests to Lime:

Licence           Sold interest  North remaining interest
PL 498                  5%                        20%
PL 503                12,5%                     12,5%
PL 503B              12,5%                     12,5%
PL 616                  5%                         15%

Licences PL 526 and PL 562, which were included in the purchase and sale agreement, have been returned to the authorities.

The total sale amount after tax for these licence interests is NOK 28.2 million. The agreement has accounting effect from 1 January 2013.

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