DETNOR Plans to Merge with NOIL

The Boards of Directors of Det norske oljeselskap ASA and NOIL Energy ASA decided in board meetings held on July 23, 2008 that the merger of the companies shall come into force. Reference is made to stock exchange notices dated May 15, 2008, April 11, 2008, and October 9, 2007.

The merger will come into force when the notification of coming into force has been registered with the Norwegian Register of Business Enterprises. DETNOR has sent notification of coming into force to the Norwegian Register of Business Enterprises for registration, and expects the merger to come into force from and including July 25, 2008.

Subsequent to coming into force the merger will be implemented in accordance with the regulations in the Norwegian Public Limited Liability Companies Act on merger of group companies with DETNOR as the Assignee Company and NOIL as the Assigning Company, by transferring NOIL's assets, rights and obligations to DETNOR as a whole free of charge.

When the merger comes into force, NOIL will be dissolved. Registration in the Register of Business Enterprises will be announced through the Bronnoysund Register Centre's electronic bulletin for public announcements.

No distributions will be carried out in connection with the merger. Neither will any rights or entitlements of economic value be given to shareholders in connection with the merger. The implementation of the merger is the last step of the combination between DETNOR (previously Pertra ASA) and NOIL (previously Det Norske Oljeselskap ASA) as decided in board meetings held October 8, 2007.
 

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