Alta, 1 July 2014

Exploration drilling has begun today on the Lupus oil prospect in production licence 507 in the North Sea.

Located about 35 kilometres south of the Oseberg field, well 31/10-1 is being drilled by the Borgland Dolphin.

Partners in the licence are Tullow Oil Norge (operator with 60 per cent), Explora Petroleum AS (20 per cent), Ithaca Petroleum Norge AS (10 per cent) and North Energy (*10 per cent).
*North Energy signed a purchase and sale agreement on 26 June with Tullow Oil Norge covering the purchase of a 10 per cent holding in PL 507. This deal is awaiting government approval.

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.