Aker BP

Earnings Release • Dec 19, 2014

Oil discovery at Krafla North

Oil discovery at Krafla North

Exploration drilling on the Krafla North prospect in PL 035 is about to be

completed. Det norske is partner with 25 percent working interest. Exploration

well 30/11-10 encountered an 80 meter oil column in the Tarbert formation and a

20 meter oil column in the Etive formation.

The well is drilled in a downfaulted segment 1.6 km north of the discovery well

30/11-8 S from 2011. The primary target of well 30/11-10 was to prove petroleum

in Middle Jurassic reservoir rocks in the Tarbert and Etive formations. The

secondary target was to prove petroleum in Middle Jurassic reservoir rocks in

the Upper Tarbert and Ness formations.

Well 30/11-10 encountered a total oil column of about 80 meters in the Tarbert

formation with poorer reservoir properties than expected. A total oil column of

20 meters was encountered in the Etive formation with somewhat poorer reservoir

qualities than expected.

In the secondary exploration targets, movable hydrocarbons were encountered in

the Ness formation and contained reservoir qualities as expected. No reservoir

rocks were encountered in the Upper Tarbert formation (UT3).

Preliminary estimates of the recoverable resources are between 6 and 19 million

barrels of oil equivalents («mmboe»). The well was not formation tested, but

extensive data collection and sampling were carried out.

The partners in PL 035 and PL 272 will evaluate the discovery in connection with

other discoveries in the two licenses. Together with the discoveries at Krafla

from 2011 of 50 to 80 mmboe and Askja in 2013 of 19 to 44 mmboe, the total

amounts to 75 and 124 mmboe.

Well 30/11-10 was drilled to a vertical depth of 4,054 meters below sea level

and completed in the Dunlin Group. The water depth is 105 meters. Upon

completion of the well, the 30/11-10 A side-track will be drilled on Krafla

Main.

Partners in PL 035 is Statoil Petroleum AS (operator) with 50 percent working

interest and Svenska Exploration AS with 25 percent.

Contact:

Investor Relations Manager, Jonas Gamre, tel.:+47 971 18 292

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.