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2016-02-12

North Energy: North Energy announces completion of Explora Petroleum transaction

Oslo, 12 February 2016

Reference is made to the announcement of 21 December 2015, regarding North
Energy's acquisition of Explora Petroleum AS ("Explora"). The Norwegian
authorities have now approved the transaction, and completion of the
transaction occurred yesterday.

North Energy will consolidate its petroleum operations in a single company
through transferring today's petroleum operations from North Energy to
Explora, thereby bringing employees together in a new organisation for the
combined company. Explora will be renamed North E&P AS. North Energy ASA will
convert to a holding company, whilst all petroleum activities in the merged
company will be held in North E&P AS. The Board of Directors of North E&P AS
will consist of CEO of North Energy, Knut Sæberg (Chairman), Didrik Leikvang
and John Pickard (CEO of Explora Petroleum).

Completion of this reorganization is expected by the end of H1 2016.

Further information from:
Anders Onarheim, Chairman of the Board North Energy ASA
Mob: +47 974 01 511 I E-mail:ao@spitsbergen.no

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

This information is subject to the disclosure provisions in section 5,
sub-section 12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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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