Increased 2016 production guidance

Det norske oljeselskap ASA («Det norske») increases its production guidance for 2016 based on stronger than expected production from the Alvheim area. Det norske’s production (excluding effect of the proposed merger with BP Norge AS) is expected to average between 62 and 65 thousand barrels of oil equivalents per day («mboepd») in 2016, up from a previous guidance of 55 to 60 mboepd.

Det norske’s production cost (excluding effect of the proposed merger with BP Norge AS) for 2016 is expected to be around USD 7.0 per barrel of oil equivalent («boe»), lowered from a previous guidance of 8.0 to 9.0 USD/boe.

No changes has been made to the company’s guidance for 2016 CAPEX and EXPEX, as presented on July 14, 2016.