26.03.2014 07:00:00 CET

North Energy ASA - farms into PLs 591 and 591 B in the Norwegian Sea

Alta 26 March 2014

North Energy has entered into a sale and purchase contract with Tullow Oil Norge AS, under which North Energy acquires a 10 per cent interest in production licences 591 and 591 B on the Norwegian continental shelf (NCS).

These holdings are located on the Halten Terrace in the Norwegian Sea, in the immediate vicinity of several producing fields. An application has been made to the government for permission to drill exploration wells in the licence, and the first is planned in 2015.

After the agreement has been implemented, the licensees will comprise Tullow as operator with 90 per cent and North Energy with 10 per cent. North Energy also has an option to acquire a further 10 per cent interest in the licences.

The contract is conditional on government approval, and its effective date has been set as 1 January 2014.

Further information from;

Erik Karlstrøm, CEO
Mob: (+47) 476 52 990 | E-post: erik.karlstrom@northenergy.no

Knut Sæberg, CFO                 
Mob: (+47) 918 00 720 | E-post: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, direktør for strategi og samfunn
Mob: (+47) 926 05 601 E-post: kristin.ingebrigtsen@northenergy.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.