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2015-10-12

North Energy: North Energy ASA - farms out of PL 708 in the Barents Sea

Tromsø, 12 October 2015

North Energy ASA has signed a sale and purchase agreement with Pure E&P Norway
AS, whereby North Energy sells its 10 per cent interest in production licence
(PL) 708 to Pure.

This transaction forms part of North Energy's current strategic process, where
attention is concentrated on enhancing cost efficiency and optimising the
licence portfolio.

Following closure of the sale, the licensees in PL 708 will comprise Lundin
Norway AS as operator with 40 per cent, Lukoil Overseas North Shelf AS 20 per
cent, Edison Norge AS 20 per cent, Lime Petroleum Norway AS 10 per cent and
Pure E&P Norway AS 10 per cent.

The effective date of the agreement is set at 1 January 2015, and the
transaction is conditional on the approval of the Norwegian authorities.

Further information from:

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

Kristin Ingebrigtsen, vice president organisation and communication
Mob: +47 926 05 601 | E-mail:kristin.ingebrigtsen@northenergy.no
This information is subject of the disclosure requirements pursuant to section 5-12 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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