Aker BP

M&A Activity • Nov 16, 2015

Det norske acquires Premier Oil's Norwegian subsidiary

Det norske acquires Premier Oil's Norwegian subsidiary

Det norske oljeselskap ASA («Det norske») is pleased to announce that the

company has acquired Premier Oil Norge AS ("PONAS") which comprises all Premier

Oil plc's Norwegian assets for a cash consideration of USD 120 million on a cash

free, debt free basis. The transaction is subject to the receipt of government

approval, and is expected to complete by year-end.

PONAS comprises the Premier-operated Vette development and adjacent Mackerel and

Herring discoveries (50% interest), a non-operated interest in the Frøy field

(50% interest) and seven exploration licences in the North Sea. PONAS has 26

employees in Norway.

At the end of 2015, PONAS is estimated to hold tax losses carry forward,

undepreciated tax balances and exploration tax refunds equaling approximately

NOK 1.0 billion.

The transaction will be funded through existing cash and undrawn debt

facilities.

"Following the recent closing of the Svenska transaction, the acquisition of

PONAS is another bolt-on acquisition that further underlines our firm belief in

and commitment to the Norwegian Continental Shelf", comments Karl Johnny

Hersvik, CEO of Det norske.

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.