Aker BP

Regulatory Filings • Jun 30, 2014

Ivar Aasen unit agreement and volume increase

Ivar Aasen unit agreement and volume increase

Det norske oljeselskap ASA (DETNOR) have signed a unit agreement for the

Ivar Aasen development on the Utsira High in the North Sea with the

licencees in PL001B, PL242, PL457 and PL338. Det norske is operator and

will have 34.7862 percent interest in the unit, following completion of

the previously announced acquisition of 40 percent interest in PL457

from Spike Exploration and E.ON E&P Norge AS.

The unit comprises the Ivar Aasen and West Cable deposits, while the

Hanz deposit remains in PL028B, where Det norske is operator and has 35

percent working interest. Hanz is planned to be developed in phase 2 of

the Ivar Aasen development.

Det norske estimates that gross proven and probable (P50) reserves for

the Ivar Aasen development (including Hanz) are about 210 million

barrels of oil equivalents (mmboe), an increase of approximately 35

percent compared to end 2013 P50 reserves. Net to Det norske, this

amounts to about 74 mmboe. The reserve increase is a result of the

inclusion of volumes from PL457 and PL338, as well as positive results

from well 16/1-16 in PL457 and ocean-bed seismic (OBS) processed in

conjunction with an updated drainage strategy submitted to the Ministry

of Petroleum and Energy today.

The updated drainage strategy has not identified a need for additional

wells to develop the Ivar Aasen reserves. Total investments for the Ivar

Aasen development are estimated at NOK 27.4 billion, unchanged from the

Plan for Development and Production (PDO).

The Ivar Aasen field development project is progressing according to

schedule towards a planned start-up in the fourth quarter 2016. Partners

in the development are Statoil, Bayerngas, Wintershall, VNG, Lundin and

OMV.

For more information, please contact:

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

18 292

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/