Norwegian authorities have approved the transfer of 40 percent interests and operatorship in production licences 509S and 509BS from Wintershall Norge AS to North Energy.

The licences contains oil prospects and are located in the North Sea, south of the Gullfaks area. A potential discovery could be tied back to existing nearby infrastructure. Drill or drop decision is planned first half 2014. If a positive drill decision is reached, an exploration well could be drilled in first half of 2015.

The transfer has economic effect from 1 June 2013. More details on the specific licence and prospect details will be announced in due course.

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