North Energy ASA - Prospectus approved

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Reference is made to the stock exchange notice from North Energy ASA ("North Energy" or the "Company", ticker "NORTH") dated 10 February 2012 regarding the private placement of 15 million new shares with gross proceeds of NOK 150 million (the "Private Placement") and the subsequent repair offering of up to 1.5 million new shares (the "Offering").

The Financial Supervisory Authority of Norway has today approved the following prospectus:

• Listing of 15 million new shares resolved issued in the Private Placement and up to 1.5 million offer shares to be issued in connection with the Offering.
• Offering of up to 1.5 million offer shares, each with a par value of NOK 1.00, at a subscription price of NOK 10.00 with pre-emptive rights for North Energy's shareholders as of 9 February 2012, with the exception of i) shareholders as of 9 February holding more than 50,000 shares, ii) shareholders who did participate in the Private Placement or iii) shareholders who are resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway, would require any filing, registration or similar action.
• Subscription Period for the Offering: From 6 March at 09:00 CET to 19 March at 09:00 CET.
• The Offering is managed by DNB Markets and Pareto Securities (together the "Joint Bookrunners").
• The Prospectus and Subscription Form may be obtained at the Company's office, or the Joint Bookrunners' offices or web sites; www.dnb.no/emisjoner or www.paretosec.no.

Note: Subscription rights not used to subscribe for offer shares before the expiry of the subscription period will lapse without compensation to the holder, and consequently be of no value.

Contact persons:

Erik Karlstrøm, CEO
Mob: (+47) 476 52 990 | E-mail:erik.karlstrom@northenergy.no

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

Kristin Ingebrigtsen, Director of Strategy & Public Relations
Mob: (+47) 926 05 601 | E-mail:kristin.ingebrigtsen@northenergy.no

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This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. North Energy ASA does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.