Alta, 24 January 2014

A successful share issue was conducted by North Energy ASA on 20 January 2014. The total yield of the issue was NOK 285 million. Some 71.3 million new shares were issued - in other words, an increase of about 175 per cent from today's roughly 40.8 million shares.

Some of the biggest contributors to the share issue set certain conditions relating to board representation. These mean that Anders Onarheim and Jogeir Romestrand are recommended for election as new directors of the company. Onarheim is CEO and a director of the Spitsbergen investment company, and has been instrumental in organising the issue. Companies associated with Spitsbergen are substantial shareholders in North Energy. Romestrand has been nominated by EMGS ASA, which has contributed to the capitalisation of North Energy by participating in the issue and by making available a convertible loan of NOK 75 million. A condition of these contributions by EMGS has been that it be given the opportunity to nominate a member of the North Energy board.

The nomination committee of North Energy unanimously recommends Anders Onarheim and Jogeir Romestrand as new directors of North Energy, and that they be elected at the extraordinary general meeting of 13 February 2014 for a two-year term - in other words, until the annual general meeting in 2016.

On the basis of the nomination committee's recommendation, the new board of directors of North Energy will have the following composition of shareholder-elected directors:

Johan Petter Barlindhaug, chair
Heidi M Petersen
Harriet Hagan
Anders Onarheim
Jogeir Romestrand

Rabbe E Lund, Chair of the nomination committee of North Energy ASA

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.