Aker Exploration Strengthens its Norwegian Sea Portfolio

Aker Exploration has secured 3 additional licenses stakes for its portfolio of exploration projects. In the third quarter of 2007, efforts continued to expand the company's exploration acreage in regions where hydrocarbons have been identified. To pinpoint optimal drilling sites for discovering oil and gas resources, Aker Exploration is conducting comprehensive evaluations using both electromagnetic Seabed Logging and seismic surveys.

Aker Exploration is primarily targeting northern parts of the North Sea, the Norwegian Sea, and the Barents Sea. As of the close of October, Aker Exploration's portfolio comprises ownership interests in five licenses with promising exploration prospects. Aker Exploration has entered into agreements with Eni Norge, Hydro, Talisman Energy, and Pertra. The agreements confirm the attractiveness of the company's business model - swapping advanced drilling capacity for stakes in offshore licenses - to major international companies as well as smaller-sized operators.

The company has applied to Norway's Ministry of Petroleum and Energy to be pre-qualified as a field operator on the Norwegian continental shelf. Aker Exploration's goal is to drill between five and seven wells annually, using the Aker Barents drilling rig, which is scheduled to enter operations as of November 2008.

Aker Exploration has requested a listing on the Oslo Stock Exchange during the fourth quarter of 2007.


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