Aker BP

M&A Activity • Mar 2, 2016

Det norske acquires Noreco's Norwegian portfolio

Det norske acquires Noreco's Norwegian portfolio

Det norske oljeselskap ASA («Det norske») has entered into an agreement with

Noreco Norway AS ("Noreco") to acquire Noreco's Norwegian license portfolio,

including a ca. NOK 45 million cash balance. The effective date of the

transaction is 1 January 2016.

The license portfolio consists of seven licenses on the Norwegian Continental

Shelf, including a 20 percent interest in the Gohta discovery (PL492) in the

Barents Sea. Noreco's 4.36 percent interest in the Enoch field is not included

in the transaction.

"Following the recent acquisition of both Svenska Petroleum Norway and Premier

Oil's Norwegian subsidiary, this take-over of Noreco Norway underlines Det

norske's belief in, and commitment to the Norwegian Continental Shelf", says

Karl Johnny Hersvik, CEO of Det norske.

The transaction is subject to regulatory approvals and contingent on approval

from the NOR06 bondholders. Noreco has received pre-acceptance and voting

commitments for the transaction from major bondholders holding a majority of

outstanding bonds.

Contacts:

Investor contact: Jonas Gamre, VP Investor Relations, tel.: 47 971 18 292

Media contact: Rolf Jarle Brøske, SVP Communications, tel.: 47 911 12 475

About Det norske:

Det norske is a fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf (NCS). We are building

one of Europe's largest independent E&P companies.

Det norske is the operator of the producing Alvheim field and for the Ivar Aasen

field development. In addition, the company is partner in the Johan Sverdrup

field. Det norske has an active exploration programme on the Norwegian shelf and

an ambitious strategy for growth.

Det norske's headquarters are located in Trondheim, with branch offices in

Stavanger, Oslo and Harstad. Det norske is listed on Oslo Børs with ticker

'DETNOR'. More about Det norske at www.detnor.no/en/.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.