Det norske

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General Meeting, April 19th 2012 - CEO Erik Haugane

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Det norske – in brief

Why Norway?

What we said on the 2011 GM

Outlook

Several good prospects this year, with moderate ownership shares

• High probability of discovery on Krafla, Aldous and Skalle

• Great volumes on Gullris and Norvarg

Near PDO decision on Atla, Jetta and Draupne

• Expect substantial increase in production

New and more robust solutions on Frøy are being explored

New exploration areas are opened in the Barents Sea and the Norwegian Sea

Good financial platform for further growth

3

What we delivered?

Discovery on Skalle, Krafla and Aldous Johan Sverdrup (Aldous) turned out to be a giant discovery

Gullris came up dry

Discovery on Nordvarg, Additional exploration wells are necessary to determine the value

PDO submitted on Jette and Atla, both approved

Coordinated development solution for the Draupne and Grieg fields settled PDO for Draupne scheduled for submission in 2012, with production start-up in

Q4 2016

New Frøy solutions are still being considered Centrica has acquired Statoils shares in the area

Given the operatorship in license 659 in the Barents Sea Barents Sea East will come in the 23rd round

Financing strengthened Through a 10 percent issue in 2011

Signed a loan agreement for a 500 mill USD credit facility

4

Det norske in 2012

About to become a fully fledged

E&P company, with exploration,

development and production

Portfolio of 74 lisenses 31 as operator

43 as partner

~180 employees in Trondheim,

Oslo og Harstad

Ambitious exploration strategy 10-12 wells per year, 3-4 as op.

Draupne – our next big project

Our share in Sverdrup West has to

a great extent secured financing

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Development Exploration License Production APA Round

Exploration and appraisal wells, 2011 (all licencees, commenced 2011)

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Statoil Petroleum AS

Lundin Norway AS

Petoro AS

Det norske oljeselskap ASA

Maersk Oil Norway AS

Spring Energy Norway AS

RWE Dea Norge AS

Wintershall Norge ASA

Talisman Energy Norge AS

ConocoPhillips Skandinavia AS

DONG E&P Norge AS

E.ON Ruhrgas Norge AS

Idemitsu Petroleum Norge AS

Rocksource ASA Total E&P Norge AS

Centrica Resources (Norge) AS

Faroe Petroleum Norge AS

Eni Norge AS

BG Norge AS

GDF SUEZ E&P Norge AS

Marathon Petroleum Norge AS

North Energy ASA

Norwegian Energy Company ASA

OMV (Norge) AS Premier Oil Norge AS

ExxonMobil

ExxonMobil Exploration & Production Norway AS

PGNiG Norway AS

Skagen44 AS

Front Exploration AS

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14

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P&L and Balance Sheet

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Assets (MNOK) 31.12.11 31.12.10 Comments

Total Fixed and Intangible Assets 4 739.5 4 037.7 Cap Expl: Krafla, Krafla West, Skalle, Norvarg, Sverdrup West and

Skaugumsåsen. Inv: Jette, Atla, Varg

Total Current Assets 2 976.5 3 681.9 Cash, receivables and tax refunds

Total Assets 7 716.0 7 719.6

Equity and Liabilities(MNOK) 31.12.11 31.12.10 Comments

Equity 3 676.6 3 160.2 Q4’11: AKX01 Convertible bonds MNOK 451, 10percent issue MNOK

489

Deferred Taxes and Total Provisions 2 375.8 2 060.2

Total Debt and Current Liabilities 1 663.6 2 499.2 Bond (detnor01), Expl Facility, Creditors

Total Equity and Liabilities 7 716.0 7 719.6

P&L (MNOK) 2011 2010 Comments

Revenues 372.2 366.0 Higher oil price in 2011 offset by weaker USD and lower production.

Production Cost 181.9 155.0 3rd party tariff income (MNOK 19.0) classified as income in 2011.

EBITDAX 190.3 211.0

Exploration Expenses 1 012.2 1 777.3 Of this, dry wells MNOK 521

DD&A, Impair, Other costs 368.7 433.3 Of this, DD&A of MNOK197 related to relinquished licenses and the producing field Jotun.

Operating Profit/ EBIT -1 190.7 -1 999.6

Net Financial Items -200.2 -183.8

Pre-Tax Profit -1 390.9 -2 183.4

Tax Charge -931.6 -1 493.1 Low tax rate (67 %) due to impairment and financial items (28 %)

Net Post-Tax Profit -459.3 -690.4

A fantastic year

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Resources

Reserver (P50) Betingede ressurser (P50)

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K)

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sha

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Oslo Stock Exchange

Totalt omsatt (NOK) Kurs

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2012 Drilling schedule (current schedule)

PL Prospect Net % Cost % Start-up Gross Mboe Operator Rig

450 Storebjørn 60 ~45 29.Jan 90-160 Det norske Maersk Guardian

440S Clapton 10 ~0 Q2 25-105 Faroe Partner

554 Guarantiana 20 ~10 Q2 25-60 Total Partner

497 Geite 35 35 Q2 80-300 Det norske Maersk Guardian

533 Salina 20 20 Q2 30-110 Eni Partner

265 Geitungen 20 20 Q2 100-300 Statoil Partner

265 Espeværhøgda 20 20 Q3 Appraisal Statoil Partner

265 Kvitsøyhøgda 20 20 Q4 Appraisal Statoil Partner

356 Ulvetanna 50 50 Q3 70-250 Det norske Maersk Guardian

453S Ogna 25 25 Q3 20-190 Lundin Partner

568 Isbjørn 20 20 Q4 10-170 Talisman Partner

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1

North Sea

Barents Sea

4

3 1

1

1

1 1

Det norske

Statoil

Total

Faroe

Lundin

Eni

Talisman

North Sea-dominated program Operator distribution

A step-by-step strategy

0

100

2005 2012 2015 2020

Kboepd

Jette, Atla, Krafla, Fulla

Low capex

Short lead times

Target: 10-20 000 bpd

Draupne

Johan Sverdrup

Frøy/Frigg/Storklakken

MUSD 300

asset sales

Large scale

exploration,

~40 wells 2008-

2011

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Acreage hunt

Critical mass

NOIL merger

AkerEx merger

Access to rig

Build up

Exploration

Small projects

Large projects

The Jette development

Production

Plateau production 14 000 boepd

Net 12 500 boepd

First oil Q1 2013

Capital costs

Total investments 2500 NOKM

Net ~ NOKM 1900 for 2012

Development solution

Subsea tie-back to Jotun B

Two horizontal wells

Det norske is operator

Det norske 88 percent

Petoro 12 percent*

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*Final distribution is being negotiated

Fabrication of x-mas trees is done by Cameron

First installation on Jette completed!

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Support for

conductor to

stabilize wellhead

and subsea trees

The Jette development is progressing

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Cameron: Flowbase, x-mas trees

and protective structures;

and flowlines

Transocean Barents

Exxon: Jotun modifications

Aker Solutions: Umbilical Subsea7: Installations

The Draupne development

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140 mmboe

Development solution

Jacket platform

Pre-processing on Draupne

Final processing on Grieg (Luno)

Joint oil and gas export with Grieg

Capacity secured on Grieg

52 000 barrels a day from Sept. 2016

Plateau of 75 000 barrels a day from Sept.

2018

PDO submission 2012

FEED-contract awarded Aker Solutions

Draupne partnership

Det norske 35 percent (O)

Statoil 50 percent

Bayerngas 15 percent

Draupne Grieg

200 persons will work with

Draupne, of which 70 Det norske-

employees

Standard rather than custom

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Standardization and

effective competition

between contractors will

bring costs down

Det norske participates

actively in Konkraft’s

work to improve the

cost efficiency on the

Norwegian Continental

Shelf

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Det norske – in brief

Why Norway?

The Norwegian oil adventure

17 Jette

Norway is underexplored

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UK; 2394

Norway; 857

Wildcats - Norway relative to the UK

New regular and fiscal regime

lifts Norwegian exploration

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Present value of exploration costs

Present value excluding

exploration costs

Net present value

Source: http://npd.no/en/Publications/Resource-Reports/2011/Chapter-3/

NPV of exploration 2000-10 (USD bn)

Fiscal change in Norway

0 1000 2000 3000 4000

Norway

Azerbaijan

Mozambique

Brazil

Iran

Iraq

Australia

Cyprus

Ghana

Russia

United States

Indonesia

Malaysia

French Guiana

Brunei

0 5000 10000

Brazil

Norway

Mozambique

Australia

United States

Ghana

Thailand

Colombia

Iraq

United Kingdom

Russia

French Guiana

Azerbaijan

Malaysia

Egypt

0 2000 4000 6000

Statoil

Eni

Petrobras

OGX Petróleo e…

Shell

Lundin Petroleum

Chevron

Total

Petrominerales

BG

Det norske…

Anadarko

Maersk

BP

Hess

Conventional discoveries worldwide, 2011

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Discovered volumes in 2011

Oil and gas drill-out MMboe

Value of 2011 discoveries for IOCs

In each nation

USD NPV 1.1.2012

Value of 2011

discoveries, by each

IOCs

USD NPV 1.1.2012

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The Johan Sverdrup Field

Utsira High

Viking Graben

PL502

PL265

PL501

16/2-8

16/2-6

16/2-10

16/2-7 16/3-4

16/3-2

16/5-2

1 Geitungen

2 Espeværhøgda

3 Kvitsøyhøgda

4 Aldous Extension

16/2-11

Sverdrup

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Johan …

Mil

lio

n b

arr

els

(oil

) Oil discoveries in Norway

Johan Sverdrup

≈ 3.3 BBOE (high)

37 years

Statfjord

Investments and operations

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APA awards last four years

23 Source: NPD

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NCS exploration performance

Number of exploration wells

Rystad Energy, 2012

Limited competition on the NCS

25 Source: NPD

Stand alone 2000 Stand alone 2005 Stand alone 2010

Satelite 2000 Satelite 2005 Satelite 2010

Statoil dominates the field development market

Petroleum industry recruitment

Fewer choose scientific subjects and

”difficult” subjects.

The share that choose engineering

subjects has sunk from 22 percent to

seven percent in 20 years.

It is created an impression that the oil

and gas industry is a ”sunset” industry

– It is the total opposite.

It is questioned that the industry get

hold of ”all” labor force and

investments. It should recruit the best,

as this is where the value creation is

greatest.

An industry for the future, despite all

the public rhetoric.

Oil is renewable bioenergy, in which

fuels world prosperity

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Psychology is Norway’s

most sought after study!

2012 outlook

Exploration

Several good prospects,Johan Sverdrup North and Salina to mention a few.

Appraisal wells on Johan Sverdrup will hopefully reduce the uncertainty of 900 million to 1,5

billion barrels in PL 265

Preparing for next licensing rounds, in which may give good results in 2012

Development projects

The Jette development is well on its way, although much work remains. Hopefully Jette has

begun producing when we meet again for the next general meeting.

The Atla development is well on its way and will start producing this year.

Finance

The exploration facility will be renegotiated this year as it expires December 2012

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A look at the coming six years

We shall explore and discover each and every year

Jette will start producing in 2013!

Draupne will start producing in 2016(?)

Sverdrup will start producing in 2018(?)

Krafla, Frøy, Storklakken, Frigg Gamma Delta; all in production prior to 2020(?)

New discoveries may start producing 3-7 years after date of discovery

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