Aker BP

M&A Activity • Jun 17, 2014

Asset swap in the North Sea

Asset swap in the North Sea

Det norske oljeselskap ASA ("DETNOR") has signed an agreement with Spike

Exploration to swap a 10 percent interest in licence 554/B/C containing

the Garantiana oil discovery for a 20 percent interest in license 457

containing parts of the Ivar Aasen deposit.

Licence 457 is located adjacent and to the east of licence 001B (Ivar

Aasen, DETNOR 35 percent and operator) on the Utsira High in the North

Sea. Following drilling of the Asha discovery in late 2012 it was

established that Ivar Aasen extends into licence 457. Unitisation

discussions between the Ivar Aasen partners and the 457 licence partners

are ongoing, with the aim to conclude such discussions at the end of

this month.

Licences 554/B/C are located north-east of the Visund field in the North

Sea where drilling of the Garantiana-2 appraisal well is ongoing.

After completion of the agreement, Det norske will hold 20 percent in

licence 457 and 10 percent in licence 554/B/C.

The transaction is subject to approval from the relevant authorities.

Contact:

Investor contact: Jonas Gamre, Investor Relations Manager, tel.: +47 971

18 292

Press contact: Torgeir Anda, VP Communication, tel.: + 47 99 11 22 03

About Det norske:

Det norske oljeselskap ASA (DETNOR) is an active exploration company on

the Norwegian Continental Shelf. Det norske's headquarters is in

Trondheim. The company also has offices in Oslo and Harstad. Det norske

is listed on the Oslo Stock Exchange with the ticker "DETNOR". More

about Det norske at www.detnor.no/en/