Combined and Strengthened

This article originates from the news archive of Det norske.

14. February 2008

Det norske oljeselskap (“DETNOR”) has become a significant company on the Norwegian Continental Shelf (NCS) following the combination of Pertra and DNO’s Norwegian operations. Det norske is the second-largest operating company on the NCS. This position has been strengthened through the award of new licenses and
operatorships this year.

In Q4 2007, Det norske generated operating revenues in the amount of MNOK 55.6, as compared to MNOK 31.4 in Q4 2006. The operating revenues totaled MNOK 131 for 2007, compared to MNOK 118 for 2006. As of 13 November 2007, NOIL’s financial
figures have been included.

The loss before taxes in Q4 2007 was MNOK 116.7, as compared to a loss of MNOK 3.5 in 2006. The loss before taxes in 2007 amounted to MNOK 247.5, compared with a
loss in the amount of MNOK 135.5 in 2006.

In Q4 2007, Det norske’s share of production from the fields Varg, Enoch, and Glitne totaled 102,000 barrels of oil equivalents, of which the latter two licenses have been included with production effective as of the acquisition of DNO’s Norwegian operations in mid-November 2007.

Extensive Exploration Program

Det norske has implemented an extensive exploration program in Q4. The drilling of an appraisal well in Ragnarrock indicates a considerable amount of hydrocarbons, although a high degree of uncertainty is related to the recovery rate. Discoveries were made in Storskrymten.

In August 2007, Det norske and Revus Energy entered into an agreement with Odfjell Drilling regarding lease of the drilling rig Deepsea Delta. At the turn of the year, the Group had secured access to a total of 1,270 rig days, thus securing capacity to drill 20-25 letebrønner as operator.

In Q4 2007, Det norske entered into a loan agreement with DnB NOR regarding a drawing facility with an available amount of MNOK 1,500, which enables the Group to fund 75% of the exploration program until and including 2010.

Following the recent license awards (APA 2007), Det norske holds interests in a total of 46 licenses, of which the Group operates 24. 34 licenses are located in the North Sea, eight in the Norwegian Sea, and four in the Barents Sea. This acreage position provides a solid foundation for continued growth.

Frøy Decision

Det norske is the operator of the Frøy Field. The company aims to submit Plan for Development and Operation (PDO) to the authorities during Q1 2008.

The Group is currently in the process of assessing submitted tenders for further
evaluation and contractual negotiations.

An Environmental Impact Assessment has been submitted to the authorities concerned and to central governmental and non-governmental organizations for

Det norske currently employs a staff of 90, and the process of recruiting new
employees for the headquarters in Trondheim and the offices in Oslo, Harstad,
and Stavanger continues.

The Q4 2007 Interim Report may be downloaded here.

Click here to view the Q4 2007 Presentation.

About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 24 operatorships and interests in a total of 46 licenses. Last year (2007), the
company drilled five exploration wells. Det norske’s scope of activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff of 90, and the strong growth rate is expected to continue in 2008. The company headquarters are located in Trondheim, with offices also in Oslo, Harstad, and Stavanger.

Det norske generated in 2007 operating revenues in the amount of MNOK 131 and an operating loss of MNOK 252.1. The loss after taxes was MNOK 62.9.

Det norske oljeselskap emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the stock value of the company amounted to NOK billion 3.5.