North Energy strengthens its position

North Energy ASA is pleased to announce that it has been awarded a license in the 21st Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Petroleum and Energy on the 15th of April, 2011.
The license is located in the Norwegian Sea just south of Lofoten (Nordland 6) and just northeast of two of North Energy’s own licenses (operated license 526 and partner license 562). “North Energy`s application in the 21st round was selective and in line with the company’s exploration strategy. We are therefore very pleased to have strengthened our position in this area which is an important exploration target for the company” says the CEO of North Energy, Erik Karlstrøm.

Furthermore, Erik Karlstrøm comments that North Energy only applied for two areas in this round. “Until new acreage is opened in the Lofoten or the Barents Sea North Energy will give priority to the APA rounds which contains well known play models with low risk and close to infrastructure.  For the APA 2011 we are pleased to see that areas close to shore in the Nordland area is just announced “.

The license group consists of:

Wintershall Norge ASA (operator) 40%

North Energy ASA 20%

Rocksource ASA 20%

Edison International Norway Branch 20%

For more information please contact:
Erik Karlstrøm, CEO, Phone (+ 47) 47 65 29 90

Knut Sæberg, CFO: Phone  (+ 47) 91 80 07 20

Siw Sandvik, Communication Director, Phone (+47) 94 79 30 75

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