09.05.2017 19:49:46 CET

North Energy Capital signs agreement to sell investment in bonds

Oslo, 9 May 2017

North Energy's subsidiary North Energy Capital ("NEC") has today sold an investment in bonds issued by Interoil Exploration and Production ("IOX") for a cash consideration of USD 2 million and 7.5 million shares in Andes Energia PLC ("AEN"). The AEN shares are listed on the London Stock Exchange and were most recently traded at 0.58 GBP per share. Based on this, the total value of the consideration received is approximately USD 7.6 million.

AEN is a Latin American group, active in exploration, development and production of oil and gas from conventional and unconventional resource. The current market capitalization is approximately GBP 340 million.

The investment in IOX bonds was originally made by North Energy in the first quarter of 2016 for a consideration of USD 2.2 million. In the consolidated annual report for 2016 the investment was valued at USD 4.0 million.

The agreement includes a lock-up for the AEN-shares of in average 6 months from the date of signing the agreement.

For further information, please contact:

Knut Sæberg, CEO

(+47) 918 00 720 | Email: knut.saeberg@northenergy.no

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.