Notice of an intra-group merger between North Energy ASA and North Energy Capital AS

24.4.2020 11:08:17 CEST | North Energy ASA | Additional regulated information
required to be disclosed under the laws of a member state

Oslo, 24 April 2020

Reference is made to the stock exchange notice from 2 April 2020 where the
Company informed about the closure of all outstanding tax claims from the
Petroleum Taxation Office. Based on this the General Meeting in North E&P AS, a
subsidiary of North Energy Capital AS, approved on the 8 April 2020 a proposal
from the Board of Directors to dissolve the company North E&P AS.

Further, on the 8 April 2020 the General Meeting in North Energy Capital AS, a
company owned 80% by North Energy ASA, approved a proposal for distribution of
dividend of NOK 106.4 million, representing the total available equity in the
company. Subsequent to the dividend distribution, an agreement was signed where
North Energy ASA acquires the remaining 20% interest in North Energy Capital AS.
From this date North Energy Capital AS is owned 100% by North Energy ASA.

Yesterday, a merger plan was signed by the Board of Directors in North Energy
ASA and North Energy Capital AS. The merger provides that all of North Energy
Capital AS' remaining assets, rights and obligations will be transferred to
North Energy ASA without consideration and North Energy Capital AS will
thereafter be dissolved. The merger will be conducted as a parent company merger
pursuant to the simplified rules for intra-group mergers as set out in Section
13-24 of the Public Limited Companies Act.

The merger plan is submitted to the Norwegian Register of Business Enterprises
pursuant to Section 13-13 of the Public Limited Companies Act. Final resolution
of the merger will be adopted by the Board of Directors at the earliest one
month after the merger plan has been published. The Board of Directors of North
Energy Capital AS and North Energy ASA intend to adopt the final merger
resolution within June 2020 and the merger is expected to enter into force
before the end of the year.

All shareholders will receive a notification of the merger. The merger plan
including all attachments can be found on the website www.northenergy.no
[http://www.northenergy.no].

DISCLAIMER

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

CONTACTS

* Knut Sæberg, CEO, +47 918 00 720, knut.saeberg@northenergy.no

ATTACHMENTS

* North Energy ASA MERGER PLAN.pdf
[https://kommunikasjon.ntb.no/ir-files/17847319/37/42/North%20Energy%20ASA%20
MERGER%20PLAN.pdf]