North Energy at Nordic Energy Summit 2014 Oslo, Thursday 20 March by CFO Knut Sæberg

North Energy at Nordic Energy Summit 2014 Oslo, Thursday 20 March by CFO Knut Sæberg

Important information This presentation and its appendices (together the Presentation ) have been prepared and delivered by North Energy ASA ( North Energy or the Company ). The Presentation is prepared for information purposes only, and is not to be used for any other purpose. The Presentation does not constitute and does and will not form part of, and should not be construed as, any offer or invitation or recommendation to buy or sell any security, commodity or instrument or related derivative. The Presentation contains information sourced from third parties believed to be reliable, but without independent verification. The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the relevant issuers and/or industries and markets. Any forwardlooking statements and other information and assumptions included in this Presentation are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Any investment involves risks, and several factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by information in this Presentation. Past performance of a company or financial instrument is not necessarily a guide to future performance. This Presentation has not been reviewed or registered with any public authority or other regulator. The distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company is in certain jurisdictions restricted by law. Persons into whose possession this Presentation may come are required to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to the account or benefit of U.S. Persons, unless pursuant to a relevant and available exemption. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of any relevant investments. Neither the Company nor its advisors makes any undertaking, representation or warranty (express or implied) as to the accuracy or completeness of the information herein, and can accept no liability whatsoever as to any errors, omissions or misstatements contained herein or otherwise from the use of this Presentation. The Presentation speaks and reflects prevailing conditions and views as of the date hereof. It may be subject to corrections and change at any time without notice. The Company does not intend to update or correct the information herein and the delivery of this Presentation shall not create any implication that any such obligation is assumed. The Presentation may not be reproduced or redistributed, in whole or in part, without the prior approval of the Company. 2

Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook 3

North Energy Pure exploration exposure to the attractive Norwegian Continental Shelf The northernmost oil and gas company Headquartered in Alta in Finnmark, northern Norway Listed on Oslo Axess (ticker: NORTH) Market cap of ~NOK 500 million 27 licenses offshore Norway 40 employees Top awards in licensing rounds Portfolio development (# of licenses) 27 14 8 25 2009 2010 March 2013 Barents Sea Norwegian Sea 135 North Sea Expanding drill queue Pursuing additional wells through farmins and licensing rounds Technology arbitrage 4

Solid basis established through 2013 Awarded six licenses in 22 nd licensing Round Awarded six licenses in APA 2013 Technology cooperation with EMGS and Rex Technology Management Favorable convertible loan agreements with TGS, Rex and EMGS Capital raise of NOK 360 million in Q1 2014 5

Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook 6

Net cash position before capital raise and convertible loans Net cash position of NOK 164 million Unused exploration loan facility of NOK 780 million Unused convertible loan facility of NOK 259 million 400 350 300 250 200 150 Net cash* position Q4 2013 34 170 353 100 50 0 15 Cash 2014 tax refund Net working capital Interest bearing debt 164 Net cash * Excluding convertible loan balance of NOK 40,7 millon towards TGS Nopec and Rex Technologies Management

The share issue in brief North raising NOK 285 million in a private placement Directed towards large North shareholders, close affiliates and other large investors Approved at North EGM 13 February Shares listed upon prospectus approval; primo March Share issue price of NOK 4 per share Premium of 7% compared to last trade prior to announcement 71.25 million new shares issued in private placement New number of shares 112.06 million, post issue Current shareholders controlling 62% of the shares New shareholders controlling 38% of the shares 8

Acquisition of EMGS Barents Sea library of EM data Convertible loan of NOK 75 million Six months duration Convertible between four to six months post issue Conversion price of NOK 4.15 per share Interest of 6.0 % p.a. Other commitments EMGS to provide North with services of NOK 15 million over 2 years North to pre-fund EM-data of NOK 10 million on other Barents Sea blocks 9

Share issue of 285 MNOK and convertible loan of 75 MNOK Current shareholders New financial / industrial shareholders EMGS friends Contribution EM data/competence Cash NOK 4 / share Contribution Cash NOK 4 / share NOK 0-200m of NOK 300m Contribution Cash NOK 4 / share Contribution Cash NOK 4 / share 95 MNOK 112 MNOK 65 MNOK 88 MNOK

Strong shareholder base post transaction Top 10 shareholders Strong support from existing shareholders New technology based shareholders Large investment funds Long term value creation Investor 1 THS Partners 2 Elliott International 3 Rex Technology Mgmt New 4 Odin New 5 Isfjorden 6 Rex International Holding New 7 EMGS New 8 Sundt New 9 JPB 10 SKS Eiendom Indicative per 18 Feb 2014

Technology and financial cooperation with Rex Technology Management Rex Virtual Drilling technology available the next 4 years Credit facility of MNOK 100 to cover Rex Virtual Drilling analysis No commitments or obligations 8% interest payable, no installments, but with repayment option 12 months net debt convertible once per year at NOK 8,- per share, i.e a substantial premium compared to current share price

Technology and financial cooperation with TGS Nopec Covering purchase of seismic data and services over 4 years Cash payment of 35% Credit facility of MNOK 200 No commitments or obligations 8% interest payable, no installments, but with repayment option 12 months net debt convertible once per year at NOK 8,- per share, i.e. a substantial premium compared to current share price

Fully funded for 8 12 wells post-transaction MNOK 800 Financing 2013 New financing 700 600 59 686 500 285 56 344 400 300 63 285 200 115 342 100 164 0 Net cash Tax refund from TGS seismic acquisition Tax refund from Rex seismic interpretation Private placement Tax refund from EMGS EM acquisition, if converted Net cash, private placement and tax refund Tax refunds subject to purchase of seismic and services eligible for 78% tax refund throughout the convertible loan agreement. Interest expenses are excluded. 14

Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook 15

Dry Heilo in 2012 was a wake-up call. It raised a number of questions. It changed North Energy Was the migration through Heilo certain? North Energy decided to evaluate new technology New technology RVD from Rex based on low frequency seismic shows new picture Also Electromagnetic data from EMGS indicates that most of the industry was too optimistic RVD on Heilo. Migration route around dry prospects Using two sets of new technology provides more information before drilling

EM data - an effective exploration tool in the Barents Sea Powerful exploration tool in shallow hydrocarbon basins such as the Barents Sea To be integrated into North s exploration strategy Accurate volume indication Effective in combination with conventional seismic and RVD Technology proven effective in the Barents Sea Shown in the Wisting Central wildcat well 17

# of wells # of wells Predictive power of two independent geophysical tools EM Barents Sea RVD NCS 25 20 15 10 5 Sub-commercial Commercial 25 20 15 10 5 Dry Traces Commercial Sources of error Saving by not drilling dry wells 0 Small prediction Large Prediction 0 Oil prediction Dry prediction Matching results in 20 of 20 wells in the Barents region 13 predicted small or missing All sub commercial 7 predicted sizeable All had significant volumes 59 prospects; 41 drilled 16 predicted positive 11 Drilled with commercial oil 5 failures had weak anomalies 25 predicted negative 24 of 25 were dry (96%) 18

Prospect in North Energys drilling campaign seen from three independent perspectives Seismic data interpretation Resonnance (RVD) Rex EMGS modelling Sample, taken from 8-9hz

Rex, listed in Singapore, started first two drilling campaigns based on RVD last quarter Market cap NOK 3,2bn. Substantial contribution in North s private placement First drilling campaigns based on RVD started in US and Oman last quarter RVD found oil in Oman after first junk well North Energy plays a role in Rex First RVD well in US already producing oil

EMGS in brief Pioneered the EM industry Technology & market leader Delivered >700 surveys ~300 employees Worldwide experience Efficient & stable operations Listed on OSE March 2007 2012 revenues: USD 201 million 2012 EBITDA: USD 56 million

Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook 22

12 licences awarded last year. Portfolio being refocused. Barents Sea 27 licences in total Farm-ins and relinquishments planned in 2014 New technology to screen out the dry wells and focus on high POS Drilling schedule will develop fast Norwegian Sea North Sea * TFO 2013 awards pending final approval

31 of 36 months spent on getting out of dry wells and building a new drilling portfolio 45 13.03.14 40 35 No. of wells and 30 licenses 25 Old licences New licences Wells (acc.) 20 15 10 5 0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Testing RVD Implementation Building portfolio Drilling of tested prospects Previous funds New money

Barents Sea in focus facing breakthrough with largest remaining potential Barents Sea licenses today Barents Sea awards since start-up Statoil North Energy OMV Eni Lundin Det norske GDF Suez Rocksource Wintershall Edison 8 7 7 7 7 11 12 15 16 20 0 5 10 15 20 25 25

Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook 26

Solid basis established through 2013 Awarded six licenses in 22 nd licensing Round Awarded six licenses in APA 2013 Technology cooperation with EMGS and Rex Technology Management Favorable convertible loan agreements with TGS, Rex and EMGS Capital raise of NOK 360 million in Q1 2014 27

Outlook 2014 Exploration well on PL 510 Exploration well on PL 713 8 DoD decisions Farm-ins based on new technology Awards APA 2014 30 40 new RVD evaluations Screen and interpret EMGS library in preparation for 23 rd Round Utilize EMGS library to de-risk licence portfolio 28

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