Aker Exploration Making a difference

Bård JohansenPresident & CEO

The 5th NCS operator’s conferenceNovember 14th, 2007

Stavanger

NGO November 14th 2007, Stavanger | 2© Aker |

The preferred partner

part of the Aker group

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Exploration ASA and Aker Exploration ASA’s (including subsidiaries’ and affiliates’) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”, ”believes”, ”estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Exploration ASA’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Exploration ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Exploration ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Exploration ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of the Presentation.

In this presentation we may sometimes use “Aker Exploration", “Company, "we" or "us" when we refer to the Aker Exploration group

This Presentation speaks as of November 14th, 2007. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date

Disclaimer

NGO November 14th 2007, Stavanger | 3© Aker |

The preferred partner

the Aker group

Aker AmericanShipping

53.2 %

Aker Drilling39.9 %

AkerSeafoods

64.95 %

This is Aker

AkerBioMarine

76.3 %

AkerExploration

51.5 %Aker DOF

Supply

50 %

Aker ownership shown (in %)1 Held by Aker Holding

Aker OilfieldServices

51.7 %

Aker FloatingProduction

51.1 %

Aker Kværner40.8 %1

NGO November 14th 2007, Stavanger | 4© Aker |

The preferred partner

part of the Aker group

Aker Exploration

An unique business modelAker Exploration - a new partner to increase exploration drilling

We are an exploration company, uniquely positioned to acquire licenses on the NCS

Secure a 5-year contract, on a flexible state-of-the-art rig

Farm-in with oil companies & direct license awards

Access to appropriate rig

Access to licenses

NGO November 14th 2007, Stavanger | 5© Aker |

The preferred partner

part of the Aker group

Experienced subsurface organization Solid financial structure

Focused on building high-quality portfolio Financed with a capital

base of NOK 3.2 billion

Access to appropriate rig

Key building blocksAdding human capital and financial resources

Access to Rig

Access to Licenses

NGO November 14th 2007, Stavanger | 6© Aker |

The preferred partner

part of the Aker group

Aker ExplorationKey deliveries 2007

Giving results:

6 Licenses APA 2007 applicationWorking on 20R nomination Application for Pre-Qualification as operatorEvaluating seismic contract for 2008

Important input factors in place:

Rig contract EM acquisitionOrganization Equity & Loan financing

© Aker |

Aker Exploration's focus:The most attractive areas

Total recoverable resources: 81 billion boe

26%

Undiscovered resources

1960-2006

North Sea- North

- Mid

- South

Norwegian Sea

Barents Sea

17(80%)

4(20%)

Undiscovered resources

21 billion boe

AKX strategic focus

Source: NPD/Rystad Energy

NGO November 14th 2007, Stavanger | 8© Aker |

The preferred partner

part of the Aker group

NCS rigsOverview contract status NCS rigs

2006 2007 2008 2009 2010 2011 2012 2013 2014

Replace Deepsea Trym and Delta on Troll

3-10 y, 5x2 y option

June 2007: 4-5y fixed+2x2y 2/3 Pertra, 1/3 RevusNCS Consortium 5 in 2009

June 2007: 4y extension

Possibly for rig swaps

Marathon/LundinMarathon Alvheim drilling

In activity after service

Songa Offshore from 2007

Statoil until July 2011

Angola – UK - Norway

Dong/BG/Talisman

Source: Rystad Energy

NGO November 14th 2007, Stavanger | 9© Aker |

The preferred partner

part of the Aker group

0 2 4 6 8 10 12 14

Marathon

Wintershall

Idemitsu

Shell

Total

Gaz de France

Paladin

Centrica

Endeavour Energy

Talisman

Dong

Pertra

RWE

OMV

Revus

ConocoPhillips

BG

Petro-Canada

DNO

Nexen

Lundin Petroleum

Hydro

Statoil

Drill or Drop decisions by operator and year

Number of decisions

APA Drill or Drop77 decisions to be made

23

4-7

• StatoilHydro responsible for 45% of drill or drop decisions 2007-2008, reduced to 20% in 2009

• Rest are taken by a diversified group of operators, including majors, independents and small E&P’s

Source: Rystad Energy

NGO November 14th 2007, Stavanger | 10© Aker |

The preferred partner

part of the Aker group

Aker BarentsThe world's most advanced drilling unit

Efficient operations, dual ram rig setupFit for harsh and sensitive environmentDeep water & HTHPDynamic positioning and anchor handling

Key features

Rig Agreement with AKD for Aker H6e with key terms:

• Scheduled Commencement Date: 31 October 2008

• Contract Term: 3 years, option for AKX to extend with 1+1 year

• Daily Operating Rate: 520,000 USD/day

• Total mobilisation fees and modification costs: USD 41 mill

• No cost risk for AKX from construction cost overruns

NGO November 14th 2007, Stavanger | 11© Aker |

The preferred partner

part of the Aker group

Aker Barents:Hull fabrication Dubai Drydocks

Aker Barents - project on track

Aker Spistbergen on Stord

NGO November 14th 2007, Stavanger | 12© Aker |

The preferred partner

part of the Aker group

EM dataAdopts new technology in innovative ways

1 + 4 (optional) years contract with emgs (electromagnetic geoservices) for USD 37,8 mill (before tax) for first phaseAccess to brand new seabed logging vessel from 2008First logging phase has focus on APA 2007 acreage Next phase will focus on the 20th NCS round

NGO November 14th 2007, Stavanger | 13© Aker |

The preferred partner

part of the Aker group

Innovative use of new technologyOur 3-step exploration trajectory to quickly turn awarded acreage into discoveries1. Scanning big areas

with EM grids2. Investing in 3D

seismic on promising areas based on EM anomalies

3. No time-lag delivering on our license work programs

5 CASES 1 CASE

1 CASE 7 CASES

YES NODiscoveries

YES

NOA

nom

aly

NGO November 14th 2007, Stavanger | 14© Aker |

The preferred partner

part of the Aker group

Aker ExplorationCurrent portfolio – in line with our geographic focus

License AkX share Operator Est. drill

PL 321 35 % PertraQ2 ’09/Q2 ’10

PL 416 15 % E-OnRuhrgas Q4 ’09

PL 428 30 % StatoilHydro Q2 ’09

PL 256 55 % Aker Exploration

Q1 ‘09

PL 259 30% Eni Q3 ‘09

Pl 283 12,5 % StatoilHydro Q1 08

NGO November 14th 2007, Stavanger | 15© Aker |

The preferred partner

part of the Aker group

12,5% Ownership in PL 283 / StetindEarlier start-up of first exploration well

Accelerating original plan• Acquired 12.5% from Chevron Norge• Business model confirmed• Drilling start-up scheduled 1Q 2008

with Transocean Leader• Significant resources identified• Aker Barents can be deployed

to drill the next exploration well in PL 283

Transocean Leader

NGO November 14th 2007, Stavanger | 16© Aker |

The preferred partner

part of the Aker group

Aker Barents – Tentative Rig schedule

Planned rig days 389 days Planned wells Unrisked reserves 242 mmboe Outstanding formal License approval to use Aker Barents Risked reserves 74 mmboe Drilling window for Norwegian Sea license

License and Block Time AkX Prospect Days share (%)

PL 416 31/8 45 15 %

PL 428 6407/9 40 30 %PL 321 6306/5 55 35 %PL 321 6306/5 55 35 %PL 259 6506/5 106 30 %PL 256 6506/2 88 55 %PL 283 6605/8 105 12,5 % Non-operated well in 2008. May offer rig slot in 2009/2010

Open slots in rig schedule

D

AkX

Por

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Nor

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aren

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A S O NAN M J JD J F MJ A S OM A M JN D J FJ A S O2010 2011

N D J F M A M J

AkX key portfolio indicators

08 2009

NGO November 14th 2007, Stavanger | 17© Aker |

The preferred partner

part of the Aker group

Significant resources yet to be found on the NCSGovernment incentives to increase exploration through tax refund, escalating area fee and drill-or-drop Low exploration activity, industry is struggling to secure flexible rig capacity

Strong industrial rationale

Unique business model, trading “Rig for Oil”

Exploring the most attractive areas of the NCSOffering flexible access to rig for drilling single wells Well positioned for farm-in negotiations and licence awards Focused on building high-quality exploration portfolio Increase discovery rates by innovative use of new technology

Exploring for the future

Aiming to sell discoveries pre-PDO, but not preconditionedIf drilling success approximates the historical track record, Aker Exploration's profitability will be excellentApplied to be to pre-qualified as an Operator

Aker ExplorationMaking a difference