20.08.2014 07:00:00 CET

North Energy ASA - Increases its holdings in PL 484 in the Norwegian Sea

Alta, 20 August 2014

North Energy ASA is increasing its equity holding in PL 484 through an agreement on swapping licence interests with Explora Petroleum AS.

Under the agreement on swapping licence interests, North Energy will acquire 20 per cent of PL 484 in the Norwegian Sea and transfer 10 per cent of PL 722 in the Barents Sea to Explora Petroleum.

The agreement is conditional on government approval, and the effective date has been set as 1 July 2014.

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 organisation and communication
Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

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