30.06.2016 23:11:08 CET

NORTH ENERGY - MANDATORY NOTIFICATION OF TRADE AND DISCLOSURE OF SHAREHOLDING

Oslo, 30 June 2016

With reference to the stock exchange notice published on June 24^th regarding a resolution by the general meeting of Isfjorden AS to distribute 100% of its shares held in North Energy ASA to shareholders.

Subsequently to the distribution of shares by Isfjorden AS, Mr Didrik Leikvang, financial advisor to North Energy and primary insider, has entered into an agreement with existing shareholders to acquire 100% ownership in Isfjorden AS. Subsequently to Mr Leikvang acquiring 100% ownership in the company, Isfjorden AS has entered into an agreement with Kharybdis AS, a company also 100% owned by Mr Leikvang, to acquire 2,003,737 shares in North Energy ASA from Kharybdis AS at a price of NOK 1.30 per share. After acquiring the shares, Isfjorden AS will hold 2,003,737 shares in North Energy ASA, equal to 1.68% ownership in North Energy ASA and Kharybdis AS will hold no shares in North Energy ASA.

After completing the transactions, the number of shares beneficially owned by Mr Leikvang is unchanged at 2,168,108, equal to 1.82% ownership in North Energy ASA.

For further information, please contact:
Knut Sæberg, CEO
(+47) 918 00 720 | Email: knut.saeberg@northenergy.no