Third quarter results

Exploration
The oil and gas discovery on the Gohta prospect, where Det norske holds a 40 percent interest, confirms the potential for oil activities in the North. Preliminary estimates indicate volumes between 113 and 239 million barrels of oil equivalents. The discovery confirms a new play which entails positive consequences for oil and gas exploration in the Barents Sea.

In addition to the discovery of Gohta in the Barents Sea, Det norske participated in one exploration well in the North Sea and one in the Barents Sea.

Jette
Production from Jette reached one million barrels in September. Most recent data indicates a reduced decline rate compared to previous quarters. The field produced an average of 4 378 barrels of oil equivalents per day net in the third quarter. This amounted to 74 percent of the total production in the third quarter.

Ivar Aasen
The development of the Ivar Aasen field is on track. The first cut of steel for construction of the topsides and jacket has been made at the sites in Singapore and Italy. Det norske has completed an ocean bottom seismic survey enabling improved mapping of the field’s main structure. The unitisation process with the partners in production licence 457 continues.

Progress in Sverdrup
Good progress is being made in the concept selection process for the Johan Sverdrup field. The field will be developed in several phases, but the number of phases and the schedule for these remain to be decided. Plan for development and operation (PDO) is planned for submission to the authorities towards the end of 2014.

Financials
Det norske entered into a new USD 1 billion revolving credit facility during the quarter, equivalent to approximately NOK 6 billion. This facility contains an uncommitted accordion option which could increase the facility to USD 2 billion, equivalent to approximately NOK 12 billion. The new credit facility matures in 2018 and replaces the company’s NOK 500 million credit facility with maturity 31 December 2015.

The company reported NOK 324 million in revenues in the quarter, as compared to NOK 49 million in the third quarter of 2012. The operating loss was NOK 518 million. The net loss for the quarter was NOK 158 million.

New chief executive officer
Karl Johnny Hersvik has been appointed as the new chief executive of Det norske. He comes from the position as Senior Vice President of Statoil’s Research and Development division. Mr. Hersvik will take up the position as CEO effective from 1 May 2014.

Summary of financial results and operating performance:

MNOK = NOK million	Q3 13	Q2 13	Q1 13	Q4 12	Q3 12	2012	2011
Jette (boepd), 70 %	4 378	3 594	0	0	0	0	0
Atla (boepd), 10 %	981	1 446	1 253	2 070	0	513	0
Varg (boepd), 5 %	377	398	425	395	481	556	846
Glitne (boepd), 10 %	0	0	43	75	95	174	329
Enoch (boepd), 2 %	0	0	0	0	0	4	48
Jotun Unit (boepd), 7 %	204	175	209	231	206	210	281
Total production (boepd)	5 940	5 613	1 929	2 771	782	1 458	1 505
Oil and gas production (Kboe)	547	511	174	255	72	545	548
Oil price realised (USD/barrel)	112	103	112	110	111	115	112
Operating revenues (MNOK)	324	286	80	117	49	332	372
Cash flow from production (MNOK)	269	227	37	40	2	114	180
Exploration expenses (MNOK)	588	271	234	195	403	1 609	1 012
Total exploration expenditures (expensed and capitalised) (MNOK)	618	373	306	375	536	1 656	1 810
Operating loss (MNOK)	-518	-277	-251	-358	-2 318	-3 843	-1 191
Net loss for the period (MNOK)	-158	-41	-20	-47	-589	-957	-459
No. of licences (operatorships)	74 (30)	72 (30)	69 (28)	67 (26)	67 (26)	67 (26)	67 (28)

Find the report and presentation attached. A live webcast from the presentation will be available at our website from 08:15 (CET), www.detnor.no.

Contacts:
Torgeir Anda, VP Communication, tel.: +47 99 11 22 03.
Knut Evensen, VP Investor Relations, tel.: +47 950 77 622