Tromsø, 1 October 2015

North Energy hereby announces a non-commercial gas/condensate discovery from the Tvillingen Sør exploration well in PL 510 in the Norwegian Sea.

The main objective of well 6406/6-4S was to test the reservoir properties and hydrocarbon potential of the Middle to Lower Jurassic sandstones on the Tvillingen Sør horst structure. The well encountered a hydrocarbon column of up to 30 metres in Garn Formation sandstones with good reservoir quality. The deeper reservoir targets showed high reservoir quality, but were water wet.  The well was not formation tested, but data acquisition and sampling were carried out.

Maersk Oil Norge AS is the operator of PL 510. Well 6406/6-4S was drilled to a total depth of 4 484 metres in the Tilje Formation by the Leiv Eiriksson rig.  

Tvillingen Sør is located 220 km north-west of Trondheim on the Norwegian west coast and 20 km southwest of the Tyrihans field. The licence was awarded in the APA 2009 licensing round and the 6406/6-4S well was the first exploration well in PL 510.

North Energy ASA holds a 20 per cent working interest in PL 510.  Maersk Oil Norge AS holds 50 per cent and Edison Norge AS holds 30 per cent.

Further information from:

Knut Sæberg, CFO and 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 mandatory under Section 5-12 of the Securities Trading Act.