19.01.2015 08:30:00 CET

North Energy ASA - Licence Assignment in PL 484

Alta, 19 January 2015

North Energy ASA has signed an agreement to acquire 30 percent interest in licence 484 from Noreco Norway AS.

PL 484 in the Norwegian Sea contains several promising prospects and the licence group is now evaluating potential for further exploration drilling. The agreement is subject to regulatory approvals and the effective date is 1 January 2015.

A previous agreement of 14 August 2014 concerning exchange of licence shares between the companies, with 15 percent of PL 484 transferred from Noreco to North Energy and 10 percent of PL 616 transferred from North Energy to Noreco, is cancelled and replaced by today's agreement.

Further information from:

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.