1. North Energy Q3 2011 9 November 2011

2. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 22 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 forward-looking 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.

3. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 33 Agenda  Highlights Q3  Financial update  Exploration update  Outlook & Summary

4. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 44 Highlights Q3  Disappointing wildcat well in the Barents Sea  The Heilo reservoir proved better than expected, however water filled  Increased volume estimate on Fogelberg  Conceptual studies ongoing  Promising results from internal Norvarg study  Expecting appraisal well Q4 next year  APA 2011 application  Selective application targeting attractive opportunities in core areas  Strong financial position  Net cash of NOK 238 million

5. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 55 Agenda  Highlights Q3  Financial update  Exploration update  Outlook & Summary

6. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 66 Q3 YTD MNOK 201120102011 2010 Payroll19.816.054.546.0 Depreciation1.81.15.03.1 Exploration expenses114.529.1142.060.4 Other operating expenses9.47.829.4 33.1 Operating loss145.554.0230.9142.6 Finance income4.41.59.85.2 Finance costs10.60.118.9 3.3 Net financial items-6.2-1.6-9.11.9 Loss before tax151.752.5240.0140.7 Income tax113.141.6178.8123.5 Result for the period-38.6-10.9-61.2 -17.2 Not audited North Energy ASA – Profit & Loss  Exploration expenses NOK 85 million higher than Q3 2010  Financial expenses up NOK 10 million from Q2 2011 due to increased activity

7. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 77 High activity level driving exploration costs  Drill decisions moving closer – increased need for seismic and data processing  Dry well at Heilo Exploration expenses Q3MNOK Dry well PL 530 Heilo29 Seismic for Drill or Drop decisions *)56 Regional study Barents Sea8 Uplift fee8 General exploration14 Total115 *) PL 503 Valberget, PL 595 Jaktfalk, PL 587 Grenoble and PL 526 Karl

8. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 88 North Energy ASA - Balance sheet  Fixed assets up NOK 260 million from year-end 2010  Capitalized drilling costs on Fogelberg and Norvarg  Tax refund December 2011 of NOK 350 million  33% equity ratio YTD Year end MNOK2011 2010 2009 Assets Fixed Assets419.4161.932.6 Long term receivables363.20.0 Short term receivables498.1385.5164.0 Cash and cash equivalents6.590.745.7 Total Assets1 287.2 638.1 242.3 Equity and liabilities Total equity419.0480.2152.9 Total long-term liabilities339.461.16.1 Total current liabilities528.896.883.3 Total equity and liabilities1 287.2 638.1 242.3

9. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 99 Net cash position as of Q3 2011 Net cashInterest-bearing debtNet working capital 31 2012 Tax refund 363 2011 Tax refund 350 Cash  Net cash position of NOK 238 million  NOK 310 million undrawn of NOK 760 million exploration financing facility  Developing in line with funding plans at the IPO Net cash according to plan

10. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 10  NOK 670 million raised before and in the IPO  NOK 270 million raised from investors in Northern Norway  NOK 432 million invested since start up in 2007:  Organization, systems and network  4 wells, incl. one production test  4 years running expenses  Next 4 wildcat wells financed by remaining funds and the exploration financing facility Next 4 wildcat wells financed Q3 11 100 250 300 450 50 Q4 09Q4 07 0 Q4 10 200 150 650 700 500 600 550 NOK million 400 350 Q4 08 Acc. capital injection Acc. expenses

11. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 11 Agenda  Highlights Q3  Financial update  Exploration update  Outlook & Summary

12. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 12 Strong track record and exciting outlook LicenseProspectEquity interest PL 433*Fogelberg12% PL 341Stirby11% PL 535**Norvarg20% PL 530Heilo20% Gross unrisked POSNet risked 19657%13 9730%3 22629%13 30839%24 Sum53 Well resultGross (P50) Net (P50) Gas / condensate688 Dry-- Gas26052 Dry-- Sum60 50% success rate LicenseProspectEquity interest PL 518Zapffe30% PL 450***Storebjørn15% PL 370Kakelborg10% PL 385Jette35% PL 498Skagen25% Gross unrisked POSNet risked 28025%22 14149%10 15330%5 9537%12 7536%7 Sum56 DRILLED WELLS FIRM WELLS PROSPECTSPOST-DRILL ESTIMATESPRE-DRILL ESTIMATES All volumes in million barrels of oil equivalents (mmboe) *) Fogelberg volumes updated with operator’s latest estimate **) Norvarg volumes updated with results from internal study ***) Storebjørn volumes harmonized with operator’s estimate  Five firm wells next 12 months – all close to infrastructure  Targeting 172 million boe of net resources (unrisked) – 81% oil prone

13. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 13  Better reservoir quality than expected, however water filled  No oil shows in cuttings  Oil still believed to have passed through the Heilo area and into Nucula (geochem correlation)  Migration routes and uplift model to be revisited  Still possible to find oil in Heilo Head and North  However, increased risk due to the dry well in Heilo South Drawing lessons from dry Heilo well 7124/4-1S Dry 7124/4-1S Dry Heilo South (dry) Heilo North (prospect) Heilo Head (prospect)

14. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 14  Resource estimates recently updated by the operator  Centrica increased the P50 estimate with 45% at BOK (“Beslutning Om Konkretisering”)  Continuing towards PDO without appraisal well  Evaluating bringing gas through TTS/Nyhamna alongside Zidane Increased volume estimate on Fogelberg BOV PDO BOK P90 (low)P10 (high)P50 (base) Operator’s first estimate North Energys GeoX estimate Operator’s updated estimate Feasibility Studies Feasibility Studies Conceptual Studies Conceptual Studies Pre-engineering Detailed Engineering, Construction, Start-up Production 09.11.11

15. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 15 P10 (high)P50 (base)P90 (low)  Increased expectations to Norvarg volumes  Results from internal Norvarg study suggest a P50 estimate of 260 mmboe recoverable gas  Expecting appraisal well in Q4 2011  The operator is currently preparing basis for appraisal program Increased expectations to Norvarg BOV PDO BOK Operator’s first estimate Operator’s updated estimate Appraisal Conceptual Studies Conceptual Studies Pre- engineering Detailed Eng, Construction Feasibility Studies Feasibility Studies Production N/A 09.11.11 North Energys GeoX estimate

16. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 16  Break through gas production test from the Kobbe formation  Has lifted the potential in large areas towards the north and east  Future exploration success depends on differentiating between good and bad Triassic targets  Additional discoveries in the Triassic will support a new trunk line to the North Sea gas grid Positive regional effects of Norvarg Short term investment return Good Medium Poor Risk of non-producing reservoir reduced by the Norvarg well Possible new trunk line

17. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 17  Located close to the Goliat field (under development)  The license contains the Zapffe prospect (combination of Tau East and Ypsilon) as well as many leads  In case of discovery a sidestep is planned to appraise the find PL 518 Zapffe – drilling ongoing PL 518 / PL 518 B in the Barents Sea AwardAPA 2008Main prospectZapffe OperatorDONG (40%)HydrocarbonsOil PartnersNorth Energy (30%)Expected drillingQ4 2011 Front Exploration (20%)PoS25% Valiant Petroleum (10%)Gross mean unrisked280 mmboe Net mean risked22 mmboe Work planDrill one firm well with possible sidestep, decide on contingent well after well result

18. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 18  Located 8 km south west of the Ula field and 6 km north west of the Gyda field  Spudding of well expected in Q1 2012  Fast track PDO possible in case of discovery  Upside in other prospects PL 450 Storebjørn – high PoS oil prospect PL 450 in the North Sea Aquired2011Main prospectStorebjørn OperatorDet norske (60%)HydrocarbonsOil PartnersNorth Energy (15%)Expected drillingQ1 2012 Dana Petroleum (25%)PoS49% Gross mean unrisked141 mmboe Net mean risked10 mmboe Work planReprocess 3D seisimic Drill one firm well within February 2012

19. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 19  Located north west of Statfjord and Snorre  Kakelborg in Paleocene is the main prospect – additional lead in Jurassic  Oil development as standalone FPSO in the high case and subsea development with tie- back to Snorre in the low case PL 370 / PL 370 B Kakelborg – drilling in Q1 2012 PL 370 / PL 370 B in the North Sea Aquired2011Main prospectKakelborg OperatorWintershall (40%)HydrocarbonsOil PartnersNorth Energy (10%)Expected drillingQ1 2012 Agora (30%)PoS30% Concedo (20%)Gross mean unrisked108-256 mmboe Net mean risked3-8 mmboe Work planDrill one well (from drill-or-drop decision)

20. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 20  Located on the Halten Terrace within 20 km of the Norne FPSO  Spare capacity for possible tie-in at Norne in 2014 PL 385 Jette – drilling expected mid 2012 PL 385 in the Norwegian Sea Aquired2009Main prospectJette OperatorStatoil (45%)HydrocarbonsGas cond. PartnersNorth Energy (35%)Expected drillingQ2/Q3 2012 Noreco (20%)PoS37% Gross mean unrisked95 mmboe Net mean risked12 mmboe Work planDrill one well (from drill-or-drop decision)

21. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 21  Located in an oil producing area close to the Ula and Gyda fields  A discovery on Skagen is assumed developed with an unmanned wellhead platform as a satellite to the Ula field  Skagen is expected to be spudded in Q3 (Maersk Guardian) PL 498 Skagen – drilling in 2012 PL 498 in the North Sea Aquired2009Main prospectSkagen OperatorLotos (25%)HydrocarbonsOil PartnersNorth Energy (25%)Expected drilling2012 Edison Int. (25%)PoS36% Skagen 44 (25%)Gross mean unrisked75 mmboe Net mean risked7 mmboe Work planDrill one well (from drill-or-drop decision)

22. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 22 Exploration track record and outlook 130 120 110 100 90 mmboe Norvarg**StirbyFogelberg* 60 80 70 50 ZapffeStorebjørn***KakelborgJetteSkagenScarecrow**** 0 10 20 30 40 Heilo Net unrisked pre-drill volume (upcoming wells) Net unrisked pre-drill volume (completed wells)Accumulated, net pre-drill volume (risked) Accumulated, net post-drill volume *) Fogelberg post drill volumes updated with operator’s latest estimate, **) Norvarg post drill volumes updated with results from internal study, ***) Storebjørn pre drill volumes harmonized with operator’s estimate, ****) The drill decision on Scarecrow has yet not been taken

23. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 23 Drilling program with timing uncertainties in 2012 Scarecrow Skagen Jette Storebjørn Zapffe 2011I 2012 I 2013 Oil Gas-Condensate Possible appraisal oil Kakelborg Norvarg, appraisal

24. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 24 Agenda  Highlights Q3  Financial update  Exploration update  Outlook & Summary

25. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 25 Outlook  6 months outlook  Result from the Zapffe exploration well in the Barents Sea (ongoing)  Storebjørn exploration well in North Sea  Kakelborg exploration well in the North Sea  Decision on appraisal program for Norvarg  Drill or drop decision on PL 510 Scarecrow  APA 2011 award  12 months outlook  Drilling of Jette in the Norwegian Sea and Skagen in the North Sea  Drill or drop decision on operated licenses 526 and 590 in the Norwegian Sea  Drill or drop decision on PL 536 and PL 564 in the Barents Sea  APA 2012 application  18 months outlook  Drilling of at least eight wildcat wells  Drill or drop decision on PL 503  22 nd round application

26. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 26 Summary  Disappointing wildcat well in the Barents Sea  Increased volume estimate on Fogelberg  Promising results from internal Norvarg study  Strong track record after 4 wells  5 firm wells planned for the next 12 months  Selective application in the APA 2011 round  Strong financial position

27. North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 · Fax: (+47) 78 60 83 50 · E-Mail: post@northenergy.no · www.northenergy.no 27 Thank you for your attention!