12.02.2016 07:30:00 CET

North Energy announces completion of Explora Petroleum transaction

Oslo, 12 February 2016

Reference is made to the announcement of 21 December 2015, regarding North Energy's acquisition of Explora Petroleum AS ("Explora"). The Norwegian authorities have now approved the transaction, and completion of the transaction occurred yesterday.

North Energy will consolidate its petroleum operations in a single company through transferring today's petroleum operations from North Energy to Explora, thereby bringing employees together in a new organisation for the combined company. Explora will be renamed North E&P AS. North Energy ASA will convert to a holding company, whilst all petroleum activities in the merged company will be held in North E&P AS. The Board of Directors of North E&P AS will consist of CEO of North Energy, Knut Sæberg (Chairman), Didrik Leikvang and John Pickard (CEO of Explora Petroleum).

Completion of this reorganization is expected by the end of H1 2016.

Further information from: 
Anders Onarheim, Chairman of the Board North Energy ASA
Mob: +47 974 01 511 I E-mail: ao@spitsbergen.no

Knut Sæberg, CEO North Energy ASA
Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no

This information is subject to the disclosure provisions in section 5, sub-section 12 of the Norwegian Securities Trading Act.