Aker Exploration Seeks License Operator Status

Aker Exploration is seeking pre-qualification as a license operator on the Norwegian Continental Shelf from Norway's Ministry of Petroleum and Energy.

Approval as a license operator advances our objective of playing a key role in finding and developing new petroleum resources, says Aker Exploration's President and CEO Bard Johansen.

Aker Exploration is already pre-qualified as a licensee on the Norwegian Continental Shelf and has ownership interests in two licenses.

This week, Aker Exploration will begin a series of comprehensive subsea surveys for locating hydrocarbon reservoirs and optimizing well-drilling sites. Survey and interpretation work will feature Seabed Logging (SBL), which uses electromagnetic soundings of geological structures.

Together with seismic data, electromagnetic survey technology significantly improves the identification of hydrocarbon reservoirs and enhances the likelihood of drilling successful wells. Aker Exploration has an exclusive agreement with Electromagnetic Geoservices (emgs), a leading provider of SBL services, for surveys to be performed on the Norwegian Continental Shelf.

Aker Exploration works closely with service suppliers and adopts new technology in innovative ways. Moreover, we have access to the world's largest and most advanced drilling rig, Mr. Johansen comments.

Aker Exploration has entered into a long-term agreement with Aker Drilling to drill exploration wells using an Aker H-6e sixth-generation semisubmersible platform, which will be ready for field deployment in October 2008.

Aker Exploration is actively seeking additional stakes in attractive licenses. Our goal is to drill between five and seven wells annually, says Bard Johansen.

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