Tromsø, 24 August 2015

North Energy ASA has entered into an agreement with Det norske oljeselskap ASA, whereby Det norske will acquire North Energy's 10 per cent interest in production licence 722.

The licence was awarded in the 22nd licensing round, and is subject to a drill or drop decision in the second quarter of 2016.

The transaction with Det norske forms part of North Energy's current strategy process, where attention is concentrated on enhancing cost efficiency and optimising the company's licence portfolio.

Following completion of the agreement, the partners in PL 722 will comprise GDF Suez E&P Norge AS, operator with a 30 per cent interest, Pure E&P Norway AS 20 per cent, Spike Exploration Holding AS 15 per cent, Tullow Oil Norge AS 15 per cent, Explora Petroleum AS 10 per cent and Det norske oljeselskap ASA 10 per cent.

The effective date of the agreement has been set as 1 January 2015, and it is conditional on the approval of the Norwegian authorities.

Further information from:

Knut Sæberg, acting CEO
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 to the disclosure provisions in section 5, sub-section 12 of the Norwegian Securities Trading Act.