Aker BP

Aker BP: Oil discovery near Yggdrasil

Aker BP (OSE:AKRBP, OTCQX:AKRBF) is nearing completion of drilling the Øst Frigg

Beta/Epsilon exploration well, situated in the Yggdrasil area of the Norwegian

North Sea. The well has resulted in a significant oil discovery.

Preliminary estimates indicate a gross recoverable volume of 40-90 million

barrels of oil equivalent (mmboe), surpassing the previously communicated pre

-drill estimate of 18-45 mmboe. The discovery enhances the resource base for the

Yggdrasil development, which was previously stated at 650 mmboe (gross). The

Plan for Development and Operations (PDO) was submitted to Norwegian authorities

in December 2022, with production scheduled to commence in 2027.

"We are extremely pleased with the results of this well. The discovery will be

evaluated as a potential addition to the Yggdrasil development. We see further

upside potential around Yggdrasil and, in collaboration with our partners, will

continue active exploration in the area," says Per Øyvind Seljebotn, SVP

Exploration & Reservoir Development in Aker BP.

The discovery is located within production licences 873 and 442. In licence 873,

the partnership consists of Aker BP (operator, 47.7 percent interest), Equinor

(40 percent interest) and PGNiG Upstream Norway (12.3 percent interest). In

licence 442, the partnership comprises Aker BP (operator, 87.7 percent interest)

and PGNiG Upstream Norway (12.3 percent interest).

The Norwegian Petroleum Directorate (www.npd.no) will issue a more detailed

press release when the evaluation of the discovery has been completed.

Contacts:

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

Kjetil Bakken, Head of IR, tel.: +47 918 89 889

Martin Seland Simensen, IR Officer, tel.: +47 416 92 087

Carl Christian Bachke, IR Officer, tel.: +47 909 80 848

About Aker BP:

Aker BP is a company engaged in exploration, field development and production of

oil and gas on the Norwegian continental shelf. The company operates six field

centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a

partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,

Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at

www.akerbp.com.

This information is considered to be inside information pursuant to the

EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, VP Investor

Relations, Aker BP ASA, on 25 May 2023 at 07:00 CEST.

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