20.07.2014 09:36:39 CET

North Energy ASA - Dry exploration well on the Lupus prospect in PL 507

Alta, 20 July 2014

Tullow Oil Norge AS, operator of the production licence 507 is currently finishing drilling of the exploration  well 31/10-1. The well is located approx. 35 km southeast of the Oseberg Sør Field in the North Sea.

The primary objective of the well was to prove up hydrocarbons in the Paleocene Hermod  Formation in a stratigraphic trap. Secondary target was to test for reservoir quality sandstones of the Paleocene Ty Formation of the Rogaland Group.

The well proved good quality reservoir sandstone in the Hermod Formation, but no sandstone was observed in the Ty Formation. No hydrocarbons were encountered and the well is now being plugged and abandoned.

The well was drilled to a TD of 2357 meter below sealevel and terminated into limestones of the Shetland Group of Upper Cretaceous age.

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 transaction 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.