Thomson Reuters

APA 2009 - Award of 3 licenses to North Energy ASA

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Source: Thomson Reuters

Alta, 19. January 2010

North Energy ASA is pleased to notify the allocation of interests in two licenses in the Barents Sea and one license in the Norwegian Sea.

- This will strengthen the Company's position in the Hammerfest Basin and the northern Norwegian Sea which are the core areas of North Energy, says CEO Erik Karlstrøm

North was awarded a 30% interest in PL 518B, together with Dong (40%), Discover (20%) and Sagex (10%). The area is an extension to PL 518 and the work program for this license remains the same without any further work commitment beyond what is in PL 518. The license is located adjacent to and west of the Goliath Field in the Hammerfest Basin.

In PL 564 North was awarded a 20% share with OMV AS (50%) and Wintershall Norway AS (30%).

In PL 562 North was awarded a 10% share with Dana Petroleum Norway AS (30%), E. ON Ruhrgas Norway AS (20%), Norwegian Energy Company ASA (20%) and Petoro (20%).

For further information please contact:
Erik Karlstrøm, CEO, + 47 47 65 29 90
Knut Sæberg, CFO, + 47 91 80 07 20


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

HUG#1375102

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