North Energy: North Energy ASA - Swaps licence interests with Noreco Norway AS

North Energy: North Energy ASA - Swaps licence interests with Noreco Norway AS

Alta, 14 August 2014

North Energy  ASA and  Noreco Norway  AS  have entered  into an  agreement  on 
swapping interests in production licences. These transactions mean that  North 
Energy acquires 15 per cent of PL 484 in the Norwegian Sea and transfers a  10 
per cent holding in PL 616 in the North Sea to Noreco.

PL 484 contains several prospects, with one - Verdande - drilled earlier  this 
year. PL 616 includes  the Haribo prospect, where  it was recently decided  to 
drill an  exploration well  -  probably in  mid-2015.  The swap  agreement  is 
conditional on government approval, and its  effective date has been set as  1 
July 2014.

North Energy's next exploration well will be on the Pingvin prospect in PL 713
west of the Johan Castberg discovery in  the Barents Sea. This well is due  to 
be spudded during  August, and the  company has  a 20 per  cent interest.  Its 
partners are Statoil (operator)  40 per cent,  RN Nordic Oil  20 per cent  and 
Edison 20 per cent.

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


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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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