North Energy ASA - Proxy Solicitation & Information Statement 2016

North Energy ASA: Proxy Rights at Extraordinary General Meeting

Oslo, 10 May 2016

Anders Onarheim, Chairman of the Board of North Energy ASA, has in connection

with the upcoming Extraordinary General Meeting on 18 May 2016, received proxy

rights from shareholders representing 8,280,491 shares in the company, equal to

6.96 per cent of the voting rights. Anders Onarheim owns as per the registration

date for the EGM 10,578,274 shares, equal to 8.89 per cent of the voting rights,

via his fully owned company AB Investment AS. Anders Onarheim will also

represent Isfjorden AS on the EGM. Isfjorden AS owns 8,570,651 shares, equal to

7.20 per cent of the voting rights. After the receipt of the above-mentioned

proxies, Onarheim represents a total of 27,429,416 shares, equal to 23.05 per

cent of the voting rights at the extraordinary General meeting in North Energy

ASA.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#2011224]

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