Interim report for the quarter and six months ended June 30, 2007

• The quarterly net result amounted to MUSD 6.6 (MUSD 7.6)* and the six months net result amounted to MUSD 5.7 (MUSD 13.9).

• EBITDA amounted to MUSD 26.8 (MUSD 19.2) for the quarter and to MUSD 40.5 (MUSD 34.1) for the six month period.

• Oil production increased by 38% to 2,417,700 barrels for the quarter and by 47% to 4,682,358 barrels for the six month period.

• Total revenue increased by 48% to MUSD 83.8 (MUSD 56.6) for the quarter and by 44% to MUSD 142.6 (MUSD 99.2) for the six months.

• Earnings per share amounted to USD 0.01 (USD 0.01) per share for the quarter and to USD 0.00 (USD 0.01) per share for the six month period.

• The 2007 capital expenditures plan was reduced from MUSD 210 to MUSD 198

• The 2007 oil production projection revised from 12 to 11 million barrels as 2nd half target of 7 million barrels is not likely to be reached

• Successful drilling activities in all regions expected to result in oil reserve increases

• The company was listed on the Stockholm Stock Exchange in May 2007



*Comparisons reflect the quarter and the six months ended June 30, 2006