Aker BP

Earnings Release • Mar 19, 2019

AKERBP: Successful exploration well on Froskelår

AKERBP: Successful exploration well on Froskelår

Aker BP has successfully completed the Froskelår Main exploration well in

licence 869 in the Alvheim area. The well has proved oil and gas. The gross

resource estimate is 60-130 mmboe. A part of the discovery may straddle the UK

-Norwegian border in the North Sea.

The Froskelår Main well is part of a drilling campaign in the Alvheim area

launched on the back of the exploration success at Frosk in 2018, and more

exploration and appraisal wells will follow.

Evy Glørstad-Clark, SVP Exploration in Aker BP commented:

"The exploration success at Froskelår Main is an encouraging result of a long

-term strategy to unlock the exploration potential in the Alvheim area. This

strategy has involved extensive data acquisition and detailed technical

analysis. In parallel, we have been expanding our acreage position in the area

through licensing rounds and business development activities. The Froskelår Main

discovery represents a significant addition to the resource base in the Alvheim

area. The discovery also illustrates the significant resource potential yet to

be uncovered on the Norwegian Continental Shelf."

Aker BP is the operator and holds 60 percent interest in licence 869. The

partners are Lundin Norway (20 percent) and Vår Energi (20 percent).

For a more detailed technical description of the well results, please see

today's press release from the Norwegian Petroleum Directorate at

https://www.npd.no/en/facts/news/Exploration-drilling-results/.

Contacts:

Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889

Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:

Aker BP is a fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The

company is also a partner in the Johan Sverdrup field. Aker BP is headquartered

at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker

'AKERBP'. More about Aker BP at www.akerbp.com.

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

of the Norwegian Securities Trading Act.