North Energy: North Energy ASA - Dry exploration well on the Lupus prospect in PL 507

North Energy: North Energy ASA - Dry exploration well on the Lupus prospect in
                                    PL 507

Alta, 20 July 2014

Tullow Oil Norge AS, operator of the production licence 507 is currently
finishing drilling of the exploration well 31/10-1. The well is located
approx. 35 km southeast of the Oseberg Sør Field in the North Sea.

The primary objective of the well was to prove up hydrocarbons in the
Paleocene Hermod Formation in a stratigraphic trap. Secondary target was to
test for reservoir quality sandstones of the Paleocene Ty Formation of the
Rogaland Group.

The well proved good quality reservoir sandstone in the Hermod Formation, but
no sandstone was observed in the Ty Formation. No hydrocarbons were
encountered and the well is now being plugged and abandoned.

The well was drilled to a TD of 2357 meter below sealevel and terminated into
limestones of the Shetland Group of Upper Cretaceous age.

Partners in the licence are Tullow Oil Norge (operator with 60 per cent),
Explora Petroleum AS (20 per cent), Ithaca Petroleum Norge AS (10 per cent)
and North Energy (*10 per cent).
*North Energy signed a purchase and sale agreement on 26 June with Tullow Oil
Norge covering the purchase of a 10 per cent holding in PL 507. This
transaction is awaiting government approval.

Further information from:
Erik Karlstrøm, CEO
Mob: +47 476 52990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, vice president strategy and PA/PR
Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

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

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Source: North Energy via Globenewswire
HUG#1831590
 
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