04.02.2019 19:56:58 CET

North Energy ASA - Operational update

Oslo, 4 February 2019

Reference is made to the Stock Exchange Notice from 24 October 2018 where North Energy informed about the notice from the Petroleum Taxation Office (OTO) regarding a possible change of the tax returns from 2014 and 2015 for the subsidiary North E&P. Reference is also made to the Stock Exchange Notice from 4 January 2019 where North Energy informed that the deadline for the response to the notice was extended to 31 January 2019.

The response, which includes a considerable amount of documentation, is now near completed. However, North Energy has requested certain clarifications from OTO regarding the overall process and once these are received and reviewed, North Energy's response will be updated and submitted shortly thereafter.

For further information, please contact:

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

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