Electromagnetic Geoservices ASA

Notification of trade in North Energy ASA

Reference is made to the stock exchange notice 21 January 2014 from

Electromagnetic Geoservices ASA (EMGS) regarding the agreement EMGS has signed

with North Energy ASA (North).

In the private placement resolved by the extraordinary general meeting held

today in North (the Private Placement), EMGS has subscribed for 5,000,000 shares

in North, at a subscription price of NOK 4 per share.

Under the Private Placement, the share capital of North has been resolved to be

increased to NOK 112,063,448 divided on 112,063,448 shares each with a nominal

value of NOK 1. When the new capital is registered and these shares are issued,

EMGS will hold 5,000,000 shares in North, equaling 4.46% of the shares and votes

in North.

In the general meeting held today in North, Jogeir Romestrand was, in accordance

with nomination made by EMGS, elected as new board member of North. EMGS is of

the view that it is not subject to the mandatory notification requirement for

primary insiders, ref. the Securities Trading Act section 4-2 (1), as a result

of this election. Romestrand is a member of the EMGS nomination committee, but

is not an EMGS employee, and he will serve as an independent board member in

North. EMGS will have no influence on the conduct of his directorship and has no

rights to replace him in case he resigns. EMGS has for the sake of good order

decided to publish this notification in any case, in order to inform the market

of its share subscription in North.

Contacts

Roar Bekker, EMGS chief executive officer, +47 73 56 88 10

About EMGS

EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)

technology to support oil and gas companies in their search for offshore

hydrocarbons. EMGS supports each stage in the workflow, from survey design and

data acquisition to processing and interpretation. The company's services enable

the integration of EM data with seismic and other geophysical and geological

information to give explorationists a clearer and more complete understanding of

the subsurface. This improves exploration efficiency and reduces risks and the

finding costs per barrel.

EMGS operates on a worldwide basis with main offices in Trondheim and Oslo,

Norway; Houston, USA; and Kuala Lumpur, Malaysia.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1761991]

AI Terminal