- The company intends to apply for a listing on Oslo Axess before the end of the year.

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1 AKER EXPLORATION ASA REPORT OF THE BOARD OF DIRECTORS FOR THE THREE MONTHS ENDED 30 JUNE 2007 Company development During the second quarter 2007 the Company has continued to develop the business model. Main events during this period have been: - The acquisition of a further 20% in PL 321, from Talisman, taking AkX s total interest in this license up to 35%. AkX now has the largest ownership interest in this license, which is operated by Pertra. In June, the license partners formally decided to drill the first of two possible commitment wells on the license using AkX s drilling rig. The first well will probably be drilled in the summer of The transfer of Pertra s 15% interest in this license to AkX was formally approved by the Authorities and the partners are awaiting the formal approval of the transfer of Talisman s interest. In addition to the deal with Talisman, significant progress has been made in securing new farm-in deals. - The company has been working actively to prepare applications for the award of acreage in the 2007 APA licensing round, in cooperation with other companies and on a stand alone basis. To increase the likelihood of finding hydrocarbons on new acreage, Aker Exploration placed a major contract with emgs ASA for electromagnetic (EM) data collection (Sea Bed Logging) The EM data acquisition is proceeding according to plan and will continue during the rest of AkX views EM studies as an integral part of its strategy to increase the probability of finding hydrocarbons by the innovative use of new technology. In addition to the 2007 programme, AkX has secured options to have an EM vessel working exclusively for us during the period AkX is already pre-qualified as a license holder on NCS, and has during Q2 applied to the Authorities to be pre-qualified as an operator. This process is expected to be completed by the end of As part of this process, recruitment of key personnel has continued during the quarter. As of today s date, the number of permanent employees is 19, split between the company s two offices in Oslo and Stavanger. Additional staff are in the progress of being recruited. - The company intends to apply for a listing on Oslo Axess before the end of the year. Financial results for the 6 months ended 30 June 2007 Income statement (in NOK 000 s) Payroll and related cost (9.096) Depreciation and amortisation (439) Exploration and other expenses (90.837) Operating profit (loss) ( ) Net finance costs (20.396) Income tax (charge) credit Profit (loss) for the period (40.736)

2 The financial results are in accordance with the company s plans and reflect costs related to payroll, payments to emgs ASA for electromagnetic surveys, other license and administrative costs and net interest income. In addition to accrued interest on the convertible bonds, finance costs include an unrealised exchange loss relating to mark-to-market valuations of certain financial instruments which cover the company s estimated US dollar exposure during the lifetime of the rig contract. These financial instruments do not qualify as hedges under IAS 39 and exchange rate differences are accordingly recorded through the income statement rather than directly to equity. The unrealised exchange difference will change over time in line with movements in the USD:NOK exchange rate. Of the total income tax credit of NOK 80 million, NOK 75.4 million, represents the estimated value of the tax refund payable by the authorities on exploration costs. Balance sheet (in NOK 000 s) Total non-current assets Total current assets TOTAL ASSETS Total equity Total non-current liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES Non-current assets relate primarily to pre-paid rig mobilisation and bank loan syndication fees, while current assets comprise taxes receivable and cash in banks. The non-current liabilities relate to the non-equity portion of the convertible loan issued in December Risk factors Aker Exploration is exposed to a number of risk factors. These risk factors include financial risks, risks related to the operations of the company, market risks, environmental and regulatory risks. Additional information relating to these risk factors is included in the 2006 Annual Report and in the notes to the attached financial statements.

3 This interim report has been prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and the accounting principles used in the preparation of this report are consistent with the principles used for annual reporting. In addition, the consolidated financial statements present fairly the financial position of the Aker Exploration Group, the result of its operations and its cash flows for the three months ended 30 June Oslo, 13 August 2007 The Board of Directors Aker Exploration ASA Nils Are Lysø Bengt A Rem Kristine Hauge Chairman Director Director Bård Johansen President and CEO

4 Interim consolidated income statement for the period ended 30 June 2007 Continuing operations Note Six months ended Six months ended Three months ended Three months ended 30 June June June June 2006 Year ended 31 December 2006 Payroll and related cost (9.096) - (5.721) - (6.206) Depreciation and amortisation (439) - (439) - Exploration and other expenses (90.837) - (73.624) - (30.627) Operating profit (loss) ( ) - (79.783) - (36.833) Finance revenue Finance costs (42.958) - (32.327) - (1.863) Profit (loss) before tax ( ) 2 ( ) 2 (36.667) Income tax (charge) credit Profit (loss) for the period (40.736) 2 (34.810) 2 (8.131) Attributable to: Equity holders of the parent (40.736) 2 (34.810) 2 (8.131) Minority interests (40.736) 2 (34.810) 2 (8.131) Earnings (loss) per share (NOK): For continuing operations - Basic (2,04) 0,01 (1,74) 0,00 (0,40) - Diluted (2,04) 0,01 (1,74) 0,00 (0,40)

5 Interim consolidated balance sheet at 30 June 2007 Note 30 June December 2006 ASSETS Non-current assets Property, plant and equipment Prepaid rig mobilization costs Other prepayments Deferred tax asset Total non-current assets Current assets Trade and other receivables Tax receivable from refund Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Paid-in capital Retained earnings (48.867) (8.131) Total equity Non-current liabilities Interest-bearing loans and borrowings Derivative financial instruments Total non-current liabilities Current liabilities Trade and other payables Interest on loans and borrowings Income tax payable - - Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

6 Interim consolidated statement of changes in equity for the six months ended 30 June 2007 Attributable to equity holders of the parent Total equity Paid-in capital Retained Total earnings Equity at 1 January (8.131) Profit (loss) for the period (40.736) (40.736) (40.736) Total income and expense for the period - (40.736) (40.736) (40.736) Equity at 30 June (48.867) Consolidated statement of changes in equity for the six months ended 30 June 2006 Attributable to equity holders of the parent Total equity Paid-in capital Retained Total earnings Equity at opening balance Profit (loss) for the period Total income and expense for the period Issue of share capital Equity at 30 June

7 Interim consolidated cash flow statement for the six months ended 30 June 2007 Six months ended 30 June 2007 Six months ended 30 June 2006 Cash flows from operating activities Profit (loss) before tax ( ) 2 Adjustments to reconcile profit (loss) before tax to net cash flow: Depreciation and amortisation Finance revenue (22.563) (2) Finance costs Increase in prepaid rig mobilization costs ( ) - Increase prepayments and derivative financial instruments (29.109) - Increase in trade and other receivables (8.430) - Increase/(decrease) in trade and other payables (62.278) 35 Income tax paid - - Net cash flows (used in)/from operating activities ( ) 35 Cash flows from investing activities Interest received Purchase of property, plant and equipment (1.187) - Net cash flows (used in)/from investing activities Cash flows from financing activities Proceeds from issue of share capital Proceeds from borrowings - - Interest paid - - Net cash flows (used in)/from financing activities Net increase/(decrease) in cash and cash equivalents ( ) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

8 Notes to the interim consolidated financial statements for the six months ended 30 June 2007 Note 1 Basis of preparation These financial statements are the interim condensed consolidated financial statements of Aker Exploration ASA and its subsidiary Aker Exploration AS (hereafter "the Group"), for the six months ended 30 June The interim consolidated financial statements of the Group have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. These financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December Note 2 Significant accounting policies The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December Note 3 Prepaid rig mobilization costs Prepaid mobilization costs for the rig incurred in the six months period ended 30 June 2007 is NOK 189,7 million. The total preparid rig costs as of 30 June 2007 are NOK 252,4 million Prepaid rig mobilization costs will be reversed over the lifetime of the rig contract, 3 years. The commencement date for the contract is scheduled for 31 October In December 2006, Aker Exploration ASA entered into a Heads of Agreement with Aker Drilling ASA, whereby Aker Exploration ASA agreed to hire a 6th generation drilling rig for a fixed period of three years, with additional option periods of up to two years. The rig is currently under construction. The agreed day rate is USD /day which includes an operating cost element of NOK 900 thousand, which will be subject to inflation throughout the life of the contract. The final rig contract which was entered into with Aker Drilling Operations AS, a 100% owned subsidiary of Aker Drilling ASA, was signed in February Note 4 Segment information The Group's only main business segment is Oil Exploration on the Norwegian Continental Shelf. Note 5 Other Prepayments On 27 March 2007, Aker Exploration AS paid an arrangement fee of NOK 13,8 million related to the USD 300 million revolving credit facility. With effect from 18 May 2007, the credit facility was redenominated into Norwegian kroner, in an amount of NOK 1819,7 million. The loan is secured in the tax refund payable by the Norwegain authorities and is guaranteed by Aker Exploration ASA. The arrangement fee will be amortised over the loan facility's lifetime.

9 Notes to the interim consolidated financial statements for the six months ended 30 June continued Note 6 Derivative financial instruments Derivative financial instruments are measured and recognised in the balance sheet at fair value with fair value changes recognised in the income statement. The company is exposed towards changes in exchange rates, in particular USD (see note 3). In second quarter 2007, the Group had entered into agreements to reduce this risk, and at 30 June 2007 the Group held financial instruments consisting of forward contracts and options at net estimated fair value NOK -5,6 million. A fair value adjustment of NOK -20,9 million (loss) has been recognised in the income statement in the second quarter 2007, less the deferred tax effects. These financial instruments do not qualify as hedges under IAS 39 and exchange rate differences are accordingly recorded through the income statement rather than directly to equity. Note 7 Income tax Oil-exploration companies operating on the Norwegian Continental Shelf can claim a 78% refund of their exploration costs limited to taxable losses for the year. This refund is paid out in the following year. In the six months period ended 30 June 2007 the Group has recorded an income tax credit of NOK 80 million, as specified below. The major components of tax in the interim consolidated financial statements are: Deferred tax asset at: 30 June Dec Loss carryforward - onshore Deferred tax asset (28%) Valuation allowance - - Deferred tax asset in balance Tax receivable from refund of tax value exploration costs at: 30 June Dec Accumulated exploration costs Tax receivable from refund (78%) Valuation allowance - - Tax receivable from refund in balance Tax receivable from refund of tax value exploration costs in 2006, TNOK , was classified as deferred tax asset in The amount is reclassified to short-term tax receivable in in the 2006 comparable amounts. Specification of income tax credit for the six months period ended: 30 June June 2006 Change in deferred tax asset Change in tax receivable from refund Income tax credit for the period

10 Notes to the interim consolidated financial statements for the six months ended 30 June continued Note 8 Comparative financial statements Aker Exploration ASA was incorporated on 2 May The subsidiary Aker Exploration AS was incorporated on 3 March The business combination took place in December Comparative statements are presented below where the income statement from Aker Exploration AS is included as from the date of incorporation of the subsidiary. Income statement: Aker Expl. ASA Aker Expl. AS Group Comparatives Payroll and related cost - (1.304) (1.304) Depreciation and amortisation Exploration and other expenses - (7.251) (7.251) Operating profit (loss) - (8.555) (8.555) Finance revenue Finance costs - (22) (22) Profit (loss) before tax 2 (8.574) (8.572) Income tax (charge) credit Profit (loss) for the period 2 (1.901) (1.899) Earnings (loss) per share (NOK): - Basic (5,64) - Diluted (5,64)

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