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North Energy: North Energy ASA - results for the first quarter

Alta, 14 March 2014

North Energy has strengthened its capital base by NOK 360 million through a
private placement of NOK 285 million and a convertible bond loan of NOK 75
million. Access to electromagnetic (EM) data in the Barents Sea from EMGS and
investment in the best available geophysical data sets mean the company is
well positioned in its work on applications for the 23rd offshore licensing
round, and ensure a higher level of exploration and drilling activity in the
time to come.

"Access to EM and seismic data, combined with extensive analyses of
low-frequency data and resonance analyses, have given us more precise results
and produced a new ranking of our licence portfolio," explains chief
executive Erik Karlstrøm. "The capital secured means we're financed to
participate in eight to 12 wells selected on the basis of our application of

APA 2013
North Energy is satisfied with its good outcome from the 2013 awards in
predefined areas (APA). Six new licences were awarded to the company,
including two operatorships. These holdings break down into two each in the
North, Norwegian and Barents Seas.

Capital increase
North Energy secured NOK 285 million in cash through a private placement of
71.25 million shares at NOK 4.00 per share and a convertible bond loan of NOK
75 million. The share issue was directed at North Energy's largest
shareholders and other selected shareholders, and was approved by an
extraordinary general meeting on 13 February.

Agreement with EMGS
The NOK 75 million convertible bond loan has been secured from EMGS, and
relates to the purchase of rights to the whole EMGS library of EM data in the
Barents Sea. This loan runs for six months and can be converted to shares
after four-six months at a strike price of NOK 4.15 per share.

Financial performance
The company made a net loss of NOK 27.9 million for the first quarter. This
related primarily to exploration and licence costs, which totalled NOK 21.6
million after tax. The company is financed with an equity of NOK 508.5
million, and had net cash and cash equivalents of NOK 390 million at 31
March. That includes cash and tax receivable less net exploration loan debt
and the convertible loan from EMGS.

The interim report and presentation for the first quarter of 2014 are
attached. They are also available atwww.northenergy.no.

North Energy will present its first quarter results at 09.00 today. To be
given by chief executive Erik Karlstrøm and CFO Knut Sæberg, the presentation
will take place at the Felix Course and Conference Centre, Bryggetorget 3,

The presentation can also be followed as awebcast.

Further information from:

Erik Karlstrøm, CEO

Mob: +47 476 52 990 | E-post:erik.karlstrom@northenergy.no

Knut Sæberg, CFO

Mob: +47 918 00 720 | E-post:knut.saeberg@northenergy.no

Kristin Ingebrigtsen, direktør strategi og samfunn

Mob: +47 926 05 601 | E-post:kristin.ingebrigtsen@northenergy.no

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

North Energy Q1 2014 Presentation
2014 Q1 Interim Report


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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