AKERBP: Oil discovery in the NOAKA area

Aker BP is about to complete the Liatårnet exploration well in licence 442 in the NOAKA area. The well has proved oil with a gross resource estimate of 80-200 mmboe. Further data acquisition and analysis will be undertaken to determine the drainage strategy and recovery factor for the discovery.

Evy Glørstad-Clark, SVP Exploration in Aker BP commented:
“The exploration success at Liatårnet is an encouraging result of a long-term strategy to unlock the exploration potential in the NOAKA area and provide the basis for an area development. The discovery represents a significant addition to the NOAKA resource base.”

Aker BP is the operator and holds 90.26 percent interest in licence 442. The partner is LOTOS (9.74 percent).

A more detailed technical description of the well results will be released by the Norwegian Petroleum Directorate when the operation has been completed.

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.

About Us

Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf (NCS). Measured in production, Aker BP is one of the largest independent oil companies in Europe. Aker BP is listed on Oslo Stock Exchange with ticker 'AKERBP'. More about Aker BP at www.akerbp.com/en/.

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