North Energy ASA — M&A Activity 2014

Jun 5, 2014

North Energy ASA - sells holdings in PLs 591 and 591 B

North Energy ASA - sells holdings in PLs 591 and 591 B

Alta, 5 June 2014

North Energy has signed a purchase and sale agreement with Lime Petroleum Norway

AS concerning the transfer of a five per cent holding in production licences

591 and 591 B.

Following completion of the sale to Lime, North Energy will have a 15 per cent

interest in each of the two licences. PL 591 lies in the Norwegian Sea, and the

operator plans to start drilling on the Zumba project during the first half of

The agreement with Lime takes accounting effect from 1 January 2014. Its

implementation is conditional on approval by the Norwegian government.

Further information from:

Erik Karlstrøm, CEO

Mob: +47 476 52 990 | E-post: erik.karlstrom@northenergy.no

Knut Sæberg, CFO

Mob: +47 918 00 720 | E-post: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, direktør strategi og samfunn

Mob: +47 926 05 601 | E-post: kristin.ingebrigtsen@northenergy.no

This information is subject to the disclosure provisions in section 5, sub-

section 12 of the Norwegian Securities Trading Act.

[HUG#1790884]