19.12.2013 07:00:00 CET

North Energy ASA - New partnership in operated licences 509S and 509BS

Alta, 19 December 2013

North Energy signed on 3 December 2013 a sale and purchase agreement with Lime Petroleum Norway AS (Lime), where North Energy sold a 20 per cent interest in PL 509S and PL 509BS to Lime.  Another sale and purchase agreement was signed on 13 December 2013 with Fortis Petroleum Norway AS (Fortis), where North Energy acquired a 15 per cent interest in PL 509S and PL 509BS from Fortis.

Both agreements have economic effect from 1 January 2014, and are pending governmental approval.

Following these agreements the licence groups consists of North Energy (operator) 35 per cent, Fortis 35 per cent, Lime 20 per cent and Rocksource Exploration Norway AS 10 per cent.

The licences contains oil prospects and are located in the North Sea, south of the Gullfaks area. A 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. More details on the specific licences and prospect details will be announced in due course.

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.