Det norske Strengthens Its Position in the Frøy Area

Det norske oljeselskap ASA has entered into a license swap agreement with Aker Exploration with respect to Production Licenses (PL) 460 and 463S in the North Sea. This agreement strengthens Det norske’s position around the Frøy Field. As a consequence of this agreement, Det norske will increase its interest in PL 460 by 12.5 percent, from 40 to 52.5 percent. This license is located next to PL 364, which includes the Frøy Field. Det norske presented a Plan for Development and Operation (PDO) for the Frøy redevelopment to Norwegian authorities in March. The company welcomes this opportunity to increase its ownership interest in an area with interesting exploration potential. Commercial discoveries may possibly be tied back to the new Frøy installation. As part of the license swap agreement, Det norske will transfer 30 percent in its currently 100 percent-owned PL 463S to Aker Exploration. After the transaction, Det norske will hold 70 percent in this license. This is a stratigraphically divided license including everything above top chalk. Production License 463S is located in an area northwest of Oseberg in the North Sea. A drilling decision for this license will be made during 2009. According to the swap agreement, Aker Exploration will provide the semi-submersible drilling rig Aker Barents for drilling of one exploration well in PL 460. This will increase the available rig capacity for Det norske’s extensive exploration program. Det norske is the operator of both PL 460 and PL 463S. A summary of license interests before and after the transactions is enclosed.