Det norske Welcomes New Chairman

Svein Aaser has been elected new Chairman of the Board of Det norske and is replacing Kjell Inge Røkke, who has held this position since April 2010.

Carol Bell has been elected as new member of the Board. Kaare M. Gisvold, Berge Gert Larsen, Hege Sjo, Maria Moræus Hanssen were all re-elected.

The General Meeting agreed to the proposal to authorize a capital increase of up to NOK 11,111,111, and authorized the Board to acquire shares equivalent to 10 percent of the share capital.

Svein Aaser has broad experience from Norwegian industry. He was CEO of DnB and DnB NOR from 1998 to 2006. He has also been CEO of companies such as Nycomed, Storebrand, Nora and Stabburet. From 1992 to 1994 he was president of the Confederation of Norwegian Business and Industry (NHO). He is Chairman of Statkraft and of the Ski World Cup 2011.

Aaser says he looks forward to the assignment as Chairman of Det norske. He has experience in the energy sector both as CEO of Hafslund and now as Chairman of Statkraft.

"Det norske is an exciting company in an important industry. The company faces significant development projects. This means that Det norske is about to become a participant not only within exploration, but also development and later operations," commented Aaser.

Carol Bell joins the Board as a new member. She has extensive experience in the oil and gas industry, including as a board member of PGS and earlier of the oil company Revus.

At the General Meeting CEO Erik Haugane said that Det norskes goal is to submit a Plan for Development and Operation (PDO) for both Draupne and Jetta this year. These are important milestones on the road to become a full-fledged oil company.

"If it goes according to plan, we have the first oil from Draupne in late 2014. This can provide us with a daily production of 25,000 barrels, more than ten times our current production. Jetta is a small and time-critical development," said Haugane.

Haugane said that Det norske has an exciting drilling program this year, with prospects such as Krafla, Aldous and Skalle. These prospects have a relatively high probability of success. Other prospects are Gullris and Norvarg which have large volumes, but relatively less likelihood of success.