05.09.2014 18:00:00 CET

North Energy ASA - Update concerning drilling on the Pingvin prospect in PL 713 in the Barents Sea

Alta, 5 September 2014

An appeal has been entered against the Norwegian Environment Agency's decision pursuant to the Norwegian Pollution Control Act to permit drilling in the oil-bearing strata in exploration well 7319/12-1 Pingvin.

On behalf of the partners in PL 713, operator Statoil has received a letter from the agency which states that its decision has therefore been postponed until the appeal has been dealt with.

The top hole on Pingvin has been drilled. Completion of the well was planned with Transocean Spitsbergen after this rig had finalised its current well on Ensis in PL 393 B.

The timing of a resumption of drilling on the Pingvin prospect will depend on how long it takes to settle the appeal and the decision reached. North Energy will make a further announcement as soon as new information becomes available.

The partners in the licence are Statoil as operator with 40 per cent, RN Nordic Oil with 20 per cent, Edison with 20 per cent and North Energy with 20 per cent.

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, vice president organisation and communication
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.