Letter of Intent with Lime Petroleum and Rex Oil & Gas


North Energy ASA is pleased to announce that the company has entered into a Letter of Intent (LoI) with Lime Petroleum Plc (Lime) and Rex Oil & Gas Limited (Rex) transferring parts of North Energy’s interest in the licenses PL 503, PL 518, PL 526 and PL 530 to Lime, upon their pre-qualification as an exploration company on the NCS. This will need the approval of the Norwegian authorities.

 “We have come to know Rex and Lime and their technological approach in exploration in other parts of the world. We look forward to learn more, and have jointly decided that some of our licenses would provide a suitable testing ground for application in Norway. How and to which extent this is done has to be decided by the partners in the different licenses” says the CEO of North Energy, Erik Karlstrøm.

Lime is an exploration company, mainly active in the Gulf Cooperation Council area, and intends to establish a wholly owned Norwegian subsidiary in 2012. Rex is the owner of different innovative exploration technologies.

The intention of the Parties is to agree on the final terms of the agreements, and to have such agreements finally approved by the respective Board of directors within end April 2012.

Press releases from Lime, Rex and Hibiscus are available below:

pdf CEO_Press_annoucement.pdf

pdf Press_release_Norway2.pdf

pdf To_fulfil_the_long_term_strategy_of_Rex_Oil.pdf

For further information, please contact:

Erik Karlstrøm, CEO
Mob: 476 52 990 | Email: erik.karlstrom@northenergy.no

Knut Sæberg, CFO
Mob: 918 00 720 | Email: knut.saeberg@northenergy.no