North Energy: North Energy ASA - Farms into North Sea oil prospect

      North Energy: North Energy ASA - Farms into North Sea oil prospect

Alta 26 June 2014

North Energy has  entered into  an agreement with  Tullow Oil  Norge AS  which 
gives it a 10 per cent holding in production licence 507.

The operator is planning an exploration well on the "Lupus" oil prospect, with
spudding scheduled  for late  June.  This well  will  be drilled  by  Borgland 
Dolphin in about 120  metres of water roughly  36 kilometres south of  Oseberg 

Based on  analysis  of  EM-data,  North Energy  sees  a  high  probability  of 
discovering  hydrocarbons  in  the   prospect.  These  analysis  support   the 
assessments made in the conventional geological and geophysical surveys.

After closure of the agreement, the licence will comprise Tullow Oil Norge  as 
operator with 60 per cent, Explora Petroleum AS 20 per cent, Ithaca  Petroleum 
Norge AS 10 per cent and North Energy 10 per cent.

The agreement is conditional  on government approval,  and its effective  date 
has been set as 1 January 2014.

Further information from:

Erik Karlstrøm, CEO
Mob: +47 476 52990 | E-mail:

Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail:

Kristin Ingebrigtsen, vice president strategy and PA/PR
Mob: +47 926 05 601 E-mail:

This information is mandatory under Section 5-12 of the Securities Trading


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
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The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: North Energy via Globenewswire
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