Registration Document

Det norske oljeselskap ASA 11.05 2011 Prepared according to Commission Regulation (EC) No 809/2004 - Annex IX

Important notice The is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Issuer's (including subsidiaries and affiliates) lines of business. 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 the Issuer's businesses, 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. Although it is believed that the expectations are based upon reasonable assumptions, the Issuer can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. The Arranger is not making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the, and neither the Arranger, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This is subject to the general business terms of the Arranger. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Arranger may prevent employees of the Arranger who are preparing this presentation from utilizing or being aware of information available to the Arranger and/or affiliated companies and which may be relevant to the recipients' decisions. The Arranger and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this, and may perform or seek to perform financial advisory or banking services related to such instruments. The Arranger's corporate finance department may act as manager or co-manager for this Issuer in private and/or public placement and/or resale not publicly available or commonly known. Copies of this presentation are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The distribution of the may be limited by law also in other jurisdictions, for example in Canada, Japan and in the United Kingdom. Verification and approval of the Registration Document by Finanstilsynet (The Financial Supervisory, Authority of Norway) implies that the may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the in any jurisdiction where such action is required. Page 2 of 24

Table of Contents: 1. Risk factors... 4 2. Persons responsible... 6 3. Definitions... 7 4. Statutory auditors... 8 5. Information about the issuer... 9 6. Business overview... 10 7. Market outlook... 18 8. Administrative, management and supervisory bodies... 19 9. Major shareholders... 21 10. Financial information concerning the issuer's assets and liabilities, financial position and profits and losses... 22 11. Documents on display... 23 12. Cross reference list:... 24 Page 3 of 24

1. Risk factors An investment in the Company should be considered speculative due to the nature of the Company s involvement in the exploration, development and production of petroleum resources. Also, oil and gas operations involve many risks, which even a combination of experience and knowledge and careful evaluation may not be able to overcome. There is no assurance that further commercial quantities of oil and natural gas will be discovered or acquired by the Company. Substantial financial risks to which Det norske is exposed include risks relating to oil prices, the exchange rate between Norwegian kroner and US dollars plus interest rate levels. Risk exposure is monitored closely, and the need for financial instruments is continuously evaluated. The Company's income is mainly derived from the sale of petroleum, and the Company is therefore exposed to risks relating to changes in the oil price and exchange rate fluctuations. Exchange rate fluctuations involve both direct and indirect financial risk exposure. The Company's petroleum revenues are in USD, whereas the expenses are mainly divided between NOK and USD. Financial risk The Group has financed its exploration activities by a floating interest-rate credit facility with a bank syndicate and a fixed interest rate convertible bond. The financing is in Norwegian kroner, and part of the Company's costs is in US dollars. In addition, the Group has financial instruments such as trade debtors, trade creditors etc., directly related to its day-to-day operations. The Group has some financial derivatives used for hedging of foreign exchange risks. The Group does not trade in financial instruments, including derivatives. The most important financial risks to which the Group is exposed relate to oil prices, exchange rates, interest rates and capital requirements. The Group's risk management, including financial risk management, is designed to ensure identification, analyses and systematic and cost-efficient handling of risk. Established management procedures provide a good basis for reporting and monitoring of the company's risk exposure. Oil price and currency risks The income from the sale of crude oil is in US dollars. The Company is currently selling small quantities of natural gas in Norwegian Kroner. Exchange rate fluctuations and oil prices involve both direct and indirect financial risk exposure for the Group. Some of the expenses are in US dollars, which reduces some of this risk. Liquid assets consist of both USD and NOK. All bank deposits shall be placed in accounts with interest rates and prices denominated in NOK, EUR or USD. All investments in funds shall be denominated in Norwegian kroner. Currency derivatives can be used for USD/NOK or EUR/NOK. Foreign currency positions are only used to reduce the currency risk relating to the Group's ordinary operations. The Group has signed several forward contracts to reduce its currency risk in US dollars and hence the market risk relating to operations. See Note 23 in the 2010 Annual Report for an overview of signed contracts and their estimated fair value. The current oil production is limited in relation to the Company's level of activity. The Company has no external financing linked to production revenues, and the board has therefore chosen not to hedge (against market risk) relating to changes in the oil price. However, the board will continually consider the need to hedge part of the oil price exposure in connection with development projects in which the Company will be dependent on debt financing. Interest-rate risk The Group is exposed to interest-rate risk in connection with the need for future loans. As of 31 December 2010, the Group's total loan liabilities amounted to approximately NOK 1.5 billion, distributed between one convertible bond issue maturing 16 th December 20111 and onerevolving finance facility maturing 31 st December 2013, where the purpose of the latter is to finance exploration activities (see notes 24 and 26 in 2010 annual report). The bond issue has a fixed interest rate of 6%. The interest rate on the credit facility/ revolving credit arrangement is NIBOR + 2.5%. In addition, a commission of 1.25% accrues on the unused part of the credit facility. See Note 26 in the 2010 Annual Report. Page 4 of 24

The interest-rate risk relating to liquid assets is relatively limited. In accordance with the Group's guidelines, the average interest-rate sensitivity, including exposure relating to financial derivatives, shall not exceed one year for the investment portfolio as a whole. Based on the loan balance as of 31 December 2010, an interest-rate increase of 1% will reduce/increase the group's pre-tax profit/loss by NOK 11,516 million. Credit risk The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as, historically, there have not been any losses on accounts receivable. The Group's customers are large and creditworthy oil companies and it has therefore not been necessary to make any provision for bad debt. Low credit risk is given priority in the management of the Group's liquid assets. Liquid assets are placed in bank deposits, bonds and funds that represent a low credit risk. The maximum credit risk exposure corresponds to the balance-sheet value of financial assets. The Group deems its maximum risk exposure to correspond with the balance-sheet value of trade debtors and other short-term receivables and investments; see Notes 17, 18 and 19 in the 2010 annual report. Liquidity risk / liquidity management The Company's liquidity risk is the risk that it will not be able to meet its financial obligations as they fall due. There shall be sufficient liquidity in our regular bank accounts at all times to cover expected payments relating to operational activities and investment activities for two months ahead. In addition, short-term (12 months) and long-term (5 years) forecasts are prepared on a regular basis to plan the Group's liquidity requirements. These plans are updated regularly for various scenarios and form part of the day to day decision basis for the Group's executive managment team. Market risk The exploration and development of oil and gas assets may be curtailed, delayed or cancelled by unusual or unexpected geological formation pressures, oceanographic conditions, hazardous weather conditions or other factors. There are numerous risks inherent in drilling and operating wells, many of which are beyond the Company s control. Det norske s operations may be curtailed, delayed or cancelled as a result of environmental hazards, industrial accidents, occupational and health hazards, technical failures, shortage or delays in the delivery of rigs and/or other equipment, labor disputes and compliance with governmental requirements. Drilling may involve unprofitable efforts, not only with respect to dry wells, but also with respect to wells which, though yielding some petroleum, are not sufficiently productive to justify commercial development or cover operating and other costs. Completion of a well does not assure a profit on the investment or recovery of drilling, completion and operating costs. Page 5 of 24

2. Persons responsible Det norske oljeselskap ASA having taken all reasonable care to ensure that such is the case, the information contained in the is, to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import. 11.05.2011 Det norske oljeselskap ASA Page 6 of 24

3. Definitions APA - Awards in Predefined Areas ( TFO in Norwegian), an annual licensing round in mature areas on the Norwegian Shelf bopd - Barrels of oil per day EUR - Euro FPSO - Floating production storage and offloading Issuer / the Company - Det norske oljeselskap ASA parent company mboe - Million barrels of oil equivalent NOK - Norwegian Kroner PDO - Plan for Development and Operation, submitted to the authorities for approval Prospectus -, Securities Note and if applicable Summary The Group / Det norske - Det norske oljeselskap ASA and its subsidiary Det norske oljeselskap AS USD - American Dollar Page 7 of 24

4. Statutory auditors The Company auditor for the 2009 annual report was Deloitte AS, Dyre Halses gate 1A, Pb 5670 Sluppen, 7485 Trondheim, Norway. Deloitte AS is member of The Norwegian Institute of Public Accountants. The Company auditor for the 2010 annual report has been Ernst & Young AS, Vassbotnen 11 Forus, 4313 Sandnes, Norway. Ernst & Young AS is member of The Norwegian Institute of Public Accountants. Page 8 of 24

5. Information about the issuer Det norske oljeselskap ASA is a Norwegian Public Limited Liability Company established 2 May 2006 and regulated by the Norwegian Companies Act and supplementing Norwegian laws and regulations. The Company s commercial name is Det norske. The Company No is 989 795 848 and its registered business address is Munkegata 26, 7011 Trondheim, Norway, Phone: +47 90 70 60 00, Fax: + 47 73 53 05 00. The head office function is divided between Oslo, Bryggetorget 1, Aker Brygge, 0250 Oslo and Trondheim. The Company also has offices in Harstad and Stavanger. Website: www.detnor.com. Det norske is an exploration company on the Norwegian continental shelf. The Company s business consists of exploration, development and production of petroleum resources. It has licences in the North Sea, the Norwegian Sea and the Barents Sea. The Company s activities are organised in the parent company Det norske oljeselskap ASA. The activities of the subsidiary, Det norske oljeselskap AS, were transferred to the parent company in 2010. It is Det norske s goal to build up a substantial oil and gas production over time. In order to achieve this goal, the Company will take part in exploration, development and production activities and be opportunistic in its approach to buying and selling interests in fields and discoveries. History Pertra ASA ( Pertra ) was established by Petroleum Geo-Services ASA on 2 January 2002. In January 2005 the company was sold to Talisman. The management of Pertra established a new oil company on 11 February 2005 and bought back the Pertra name, including shares in five licenses from Talisman. The company has experienced considerable growth since then. Det Norske Oljeselskap ASA was founded in 1989, as a wholly owned subsidiary of DNO ASA. In connection with Pertra s acquisition of the vast majority of shares of Det Norske Oljeselskap AS and Pertra, Det Norske Oljeselskap changed its name to NOIL Energy ASA, while Pertra, on 19 November 2007, changed its name to Det norske oljeselskap ASA. In May 2008, Det norske oljeselskap ASA and NOIL Energy ASA initiated a joint merger plan with Det norske as the acquiring company. The merger became effective from and including 25 July 2008, with accounting and tax effect from 1 January 2008. In 2006, the Aker Group established Aker Exploration ASA with a wholly owned subsidiary Aker Exploration AS. Aker Exploration AS would concentrate on exploration on the Norwegian continental shelf. The company secured its first license in 2007 and was qualified as operator later the same year. The company was listed on the Oslo Stock Exchange in December 2007. In 2007 the Aker Exploration AS concluded a three-year lease agreement with Aker Drilling for the new advanced drilling rig Aker Barents. Aker Barents drilling operations started autumn 2009. The merger of the Det norske and Aker Exploration ASA was approved on the companies' extraordinary general meetings October 19, 2009. The merger was effective from 22 December 2009. Det norske oljeselskap ASA, or the Det norske colloquially, was the name of the merged company. In 2010, the Group transferred all activities from Det norske oljeselskap AS (formerly Aker Exploration AS) to the parent company Det norske oljeselskap ASA to further support a focused exploration strategy going forward. At the beginning of 2011 Det norske had 193 employees. Aker Capital AS is the largest shareholder. Page 9 of 24

6. Business overview Det norske s license portfolio consists of 73 licenses, including 30 operatorships. The Company also holds ownership interest in four producing fields and is operator for six discoveries, including the Hanz and West Cable discoveries, that are being considered for development. PRODUCTION Det norske oljeselskap ASA has interests in four fields containing reserves, all in production: Varg - operated by Talisman, Det norske 5 % Glitne -operated by Statoil, Det norske 10 % Enoch - operated by Talisman, Det norske 2 % Jotun - operated by ExxonMobil, Det norske 7 % In 2010, Det norske produced 763,494 barrels of oil equivalents. This works out at an average of 2,092 barrels per day. The net reserves for the four fields are presented in table 1 and amounts to a total of 1.34 million barrels oil equivalents (2P/P50 or best estimate). The reserve and contingent resource volumes have been classified in accordance with the NPD classification system http://www.npd.no/global/norsk/5%20- %20regelverk/tematiske%20veiledninger/ressursklassifisering_n.pdf and are consistent with Oslo Stock Exchange s requirements for the disclosure of hydrocarbon reserves and contingent resources, see figure below: POTENTIAL RESOURCES CONTINGENT RESOURCES RESERVES NPD category 9 8 7 6 5 4 3 2 1 Description Leads Conceptual ideas of possible prospects. Prospects. A Discoveries mapped rock under volume evaluation. believed to contain hydrocarbons Discoveries where development is unlikely. Discoveries where development is likely Discoveries where development is likely Fields where PDO has been concluded by the Licensees Field under development PDO approved Fields in production. Table 1 - Reserves by field: Reserves Developed assets (Category 1) As of 31.12.2010 1x109 Sm3 gas = 1x106 Sm3 o.e. = 6.29 MBOE Liquids (million barrels) 1P / P90 (low estimate) Million barrels of oil equivalents Interest % Net million barrels of oil equivalents Liquids (million barrels) The changes in reserves during 2010 are presented below. On the 2P/P50 basis, the reserves are reduced from 29.13 mboe to 1.34 mboe. The main reason for the negative change is related to the Frøy development. As a modified PDO was not submitted in 2010, a volume of 27.36 mboe has been moved out of the reserves from Category 3 (Development decided) to Category 4 (Contingent resources Development being planned). Further reduction due to production from the four fields is partly replaced by positive revisions for Glitne, Varg, and Jotun, mainly due to extended field life. Table 2 - Aggregated reserves, production, developments, and adjustments: 2P / P50 (best estimate) Million barrels of oil equivalents Interest % Net million barrels of oil equivalents Gas (bcm) Gas (bcm) PL 038 - Varg 2,51 0,00 2,51 5 % 0,13 10,49 0,00 10,49 5 % 0,52 PL 048 B - Glitne 0,44 0,00 0,44 10 % 0,04 0,94 0,00 0,94 10 % 0,09 Enoch Unit (Norway) 0,75 0,00 0,78 10 % 0,08 1,20 0,00 1,23 10 % 0,12 Jotun Unit 6,19 0,07 6,63 7 % 0,46 7,92 0,09 8,49 7 % 0,59 Total 0,71 1,34 Reserves development Net attributed million barrels of oil equivalents. Calendar years, reporting as of year end. Developed assets Under development Development decided 1P / P90 2P / P50 1P / P90 2P / P50 1P / P90 2P / P50 Balance as of 31.12.2009 1.08 1.56 0.10 0.21 16.98 27.36 Production -0.74-0.74 Acquisitions/disposals Extensions and discoveries New developments 0.10 0.21 Revisions of previous estimates 0.27 0.31-0.10-0.21-16.98-27.36 Balance as of 31.12.10 0.71 1.34 0.0 0.0 0.0 0.0 Page 10 of 24

Varg The Varg-field (PL 038) is located to the south of Sleipner Øst. The field is developed with the production vessel Petrojarl Varg with integrated oil storage, and connected to a wellhead platform. Oil is exported using shuttle tankers. One producer and one injector were completed in 2010, proving up new reserves and increasing the total production to around 26,000 bopd by year-end. Total ultimate recoverable reserves are estimated at 95 million barrels of oil, while total remaining proved and probable reserves are 10.5 million barrels. All of these are classified as developed (Category 1) and contain the volumes from the base case production profile assuming no further infill drilling and an economic production cut-off at the end of 2013. Two new infill production wells are scheduled for 2011, and these are estimated to extend the life of the field until the end of 2014. Associated volumes of 6.3 million barrels are not included in the reserve estimate, but classified as resources in Category 4. Gas blow-down volumes of 10 million barrels oil equivalents, including oil production until the end of 2015 are classified as Category 5. Further infill targets and potential near infrastructure exploration are expected to further extend life of the field. The license periode expires in 2021. Glitne The Glitne Field (PL 048 B) is located 40 kilometers northeast of the Sleipner area. The field is produced by sub-sea wells tied to the production vessel Petrojarl 1, and oil is exported using shuttle tankers. Total reserves are determined by the operator, based on a production cut-off in August 2011. Remaining reserves are assessed probabilistically considering relevant uncertainties related to the production. Total initial recoverable reserves are estimated at 55 million barrels of oil, while remaining reserves are estimated at 0.9 million barrels of oil. The main uncertainty in future production is the water cut development for individual wells. A new infill production well will likely be drilled in 2011 and could potentially extend the life of the field by 2-3 years. Associated volumes of 3.4 million barrels are not included as reserves but classified as resources in Category 4. The license periode expires in 2013. Enoch The Enoch Field (PL 048 D) straddles the Norwegian/UK border and is located in the UK block 16/13a and in the Norwegian block 15/5 southwest of the Glitne Field. The field is developed by a single, horizontal sub-sea well and tied back to the UK Brae A platform where the oil is processed and exported via the Forties pipeline network. The gas is sold to the Brae Field. Production started in May 2007 and field shut down is expected in 2017. Depending on reservoir performance, one additional producer may be drilled using the extra well slot which is available. The field has been unitized with the license owners in British sector, and Det norske s overall share is 2% (10% of the Norwegian license PL 048 D). Total initial proved plus probable reserves (Enoch Unit) are estimated by the operator at 14 million barrels of oil equivalents of which 6.2 million barrels remain. Volumes in Table 1 include only the Norwegian part of the field and are included under Developed assets. The license periode expires in 2018. Jotun The Jotun Field (PL 027 B, PL 103) is developed with an integrated well head platform (Jotun B) of 24 well slots and an FPSO (Jotun A). Oil is shuttled to the Slagen refinery and gas is exported into Statpipe. Proved plus probable reserves (2P/P50) include expected volume from existing wells, assuming no new wells being drilled and abandonment of the field at the end of 2016. Remaining reserves are determined by the operator based on decline analysis. The main uncertainty in future production is the water cut development in individual wells. Total ultimate recoverable reserves are estimated at 152 million barrels of oil equivalents, while remaining reserves are estimated at 8.5 million barrels and classified as developed (Category 1). The operator is assessing the economic viability of carrying out work-overs in wells currently not producing. The license periode expires in 2015. Det norske s share of production from the Varg, Glitne, Enoch, and Jotun fields during 2010 amounts to 0.74 million barrels of oil equivalents. Page 11 of 24

Oil production per field last 12 months: Oil production last 12 months 2500 2000 1500 bbl/d 1000 500 0 mar.10 apr.10 mai.10 jun.10 jul.10 aug.10 sep.10 okt.10 nov.10 des.10 jan.11 feb.11 Varg Enoch Glitne Jotun EXPLORATION The Company s exploration strategy is twofold: exploration in exploration models close to infrastructure, and exploration in immature areas, so-called frontier areas. Det norske is scheduled to participate in 10 exploration wells in 2011. Det norske is operator on five of these wells. This means that also in 2011, Det norske will be one of the most offensive companies on The Norwegian Shelf. PL Prospect (& operator ) Net % Drillingstart Gross resources Mboe 522 Gullris(BG) 10** Q1 700-1700 35 Krafla (Statoil) 25 Q1 10-50 535 Nordvarg(Total) 20 Q2 80-160 416 Breiflabb(E.ON) 15 Q2 15-180 438 Sjakke (Lundin) 10* Q2 250 265 Aldous Major (Statoil) 20 Q2 265 Aldous North 20 Q3 140-500 356 Ulvetanna 60 Q3 70-250 414 Kalvklumpen 40 Q3 75-180 482 Skaugumsåsen 60*** 20-90 *PL 438-10% farm-in agreement, pending government approval ** PL 522-10% farm-down agreement, pending government approval *** PL 482 - Skaugumsåsen might also be drilled in Q3-2011 Det norske completed the exploration well in PL468 in February 2011. The well was found to be dry and was plugged and abandoned. The North Sea In the North Sea, Det norske has shares in 52 licences and is operator for 24 of these. In 2010 three wells were drilled in the Grevling area between the Varg and Sleipner fields to try to increase the resource base for a development of Grevling. The drilling did not yield the desired results. Page 12 of 24

The two small discoveries in the Frøy area were made in PL 460 Storklakken, which is whollyowned by Det norske, and in the Total-operated David discovery, in which Det norske owns 10 percent. The Company has successfully completed drilling its first high pressure high temperature well in licence 341 on the Stirby prospect. The norske was awarded six new licences in connection with awards in pre-defined areas (APA) 2010; one operatorship in licence 573S north of the Frigg field, and five licences as partner. Det norske is planning to drill two self-operated wells in the course of 2011; one in the southern part and one in the middle part of the North Sea. In addition, four partner-operated wells are being planned in the area. The Norwegian Sea In the Norwegian Sea, Det norske has shares in 14 licences and is operator for five of these. The Company has a high focus on optimising the portfolio and has therefore returned eight licences in the Norwegian Sea during 2010. Further work in the Norwegian Sea is concentrated on exploration models with great potential. Vøring is one of the Company s defined core areas, and there are extensive plans for exploration activities here in the next few years. In the 21st licensing round, Det norske applied for several deep-water blocks with the aim of being awarded operatorship. Det norske took part in exploration drilling on Dalsnuten. The aim of the well was to test a new exploration model in Vøring. The results were disappointing, and the well has been classified as dry. The well is located in a part of the Vøring basin where the possibility of making discoveries (prospectivity) is not necessarily related to the prospectivity in the other licences in which Det norske is partner. In 2010, the Company was awarded two new licences in connection with awards in pre-defined areas (APA) in the Norwegian Sea. Det norske was awarded operatorship in PL 593, with Skagen44 as partner. The licence lies just east of the Norne field. The Barents Sea Det norske participates in seven licences in the Barents Sea and is operator for one of these. The main activity in 2010 has been the work on the 21st licensing round. The Company applied for several areas with a goal of being awarded operatorship. The Company has followed up the planning of the exploration wells in licence PL 533, in which ENI is operator, and licence PL 535, in which Total is operator. The plan is to drill both wells in 2011. For a long time, Det norske has argued in favour of quickly opening up the north and east of the Barents Sea. Det norske has therefore started work on gaining a geological understanding of the formerly disputed area on the Russian border. DRILLING Det norske has a long-term agreement with two drilling rigs, Aker Barents and Songa Delta. Songa Delta is operated through a consortium with Wintershall, with whom Det norske has an agreement until 2012. The contract with Aker Barents runs until 2014 with two additional option years. The rig is owned and operated by Aker Drilling, and it was built by Aker Solutions. It is deemed to be one of the most advanced offshore mobile exploration units in the world. LICENSE PORTFOLIO The Company s license portfolio consists of 73 licenses, 30 operatorships and 43 Partner-operated. 52 are situated in the North Sea, 14 in the Norwegian Sea and 7 in the Barents Sea: North Sea Operatorships Share Partner-operated Share PL 001B (Draupne, West C) 35,00 PL 028S (Balder Trias) 40,00 PL 027D (Eitri,Jetta) 60,00 PL 029 B (Freke) 20,00 PL 028 B (Hanz) 35,00 PL 035 (Krafla) 25,00 PL 103B (Brandhaug) 70,00 PL 362/035B (Fulla) 15,00 PL 169 C (Jetta øst) 70,00 PL 038 (Varg) 5,00 Page 13 of 24

PL 242 (West Cable) 35,00 PL 038D (Grevling) 30,00 PL 337 (Høgtangen) 45,00 PL 048 B (Glitne) 10,00 PL 341 (Stirby) 30,00 PL 048D (Enoch) 10,00 PL 356 (Ulvetanna) 60,00 PL 102 C (David) 10,00 PL 364 (Frøy) 50,00 PL 265/502 (Ragnarrock) 20,00 PL 414 (Kalvklumpen) 40,00 PL 272 (Krafla) 25,00 PL 450 (Storebjørn) 75,00 PL 332 (Fenris) 40,00 PL 460 (Storklakken) 100,00 PL 362/035B (Fulla) 15,00 PL 463 S (Knabben) 100,00 PL 416 (Breiflabb) 15,00 PL 497 (Geite) 35,00 PL 440 S (Clapton) 10,00 PL 497B (Geite) 35,00 PL 442 (Gamma/Delta) 20,00 PL 500 (Mosterøy) 35,00 PL 451 (Yuma) 40,00 PL 504 (Brandhaug, Jetta) 58,50 PL 453S (Oleidar) 25,00 PL 504BS (Brandhaug, Jetta) 58,50 PL 462S (Skauga W) 30,00 PL 542 (Høgevarde) 60,00 PL 494 (Gemini) 30,00 PL 548S (Raphamn) 40,00 PL 494B (Gemini) 30,00 PL 549S (Kolsås) 35,00 PL 265/502 (Ragnarrock) 22,22 PL 553 (Kvitvola) 40,00 PL 508S (Orkla) 30,00 PL 573S 35,00 PL 554 (Garantiana) 20* PL 554B (Garantiana) 20* PL 567 40,00 PL 568 (Isbjørn) 20,00 PL 571 40,00 *Det norske has sold a 20 percent interest in production licenses 554 and 554B to Svenska Petroleum Exploration, reducing its interest from 40 to 20 percent. Final agreement is subject to government approval. Norwegian Sea Operatorships Share Partner-operated Share PL 447 (Storhornet) 80,00 PL 283 (Pompel/Pilt) 25,00 PL 468 (Dovregubben) 95,00 PL 392 (Dalsnuten) 10,00 PL 482 (Skaugumsåsen) 65,00 PL 469 (Pumbaa) 25,00 PL 512 (Naustaksla) 30,00 PL 485 (Mist) 15,00 PL 593 60,00 PL 522 (Gullris) 10* PL 523 (Torunn) 20,00 PL 538 (Corvus) 30,00 PL 558 (Indigo) 20,00 PL 561 (Svartmeis) 20,00 *Det norske has agreed to divest 10 percent in PL 522, blocks 6604/2, 3, 4, 5 & 6, to Centrica Resources Norge AS. Det norske is reducing its interest from 20 percent to 10 percent. The PL 522 transaction is subject to approval by Norwegian authorities. Effective date is January 1st 2011. Barents Sea Operatorships Share Partner-operated Share PL 491 (Knotten) 50,00 PL 438 (Skalle) 10* PL 490 (Snurrevad) 30,00 PL 492 (Pulk, Gamme) 30,00 PL 533 (Salina) 20,00 PL 535 (Norvarg) 20,00 PL 563 (Knølhval/Finnhval) 30,00 *Det norske has entered into an agreement with Talisman Energy Norge to acquire 10 % in PL 438 in the Barents Sea. The license contains the prospect called Skalle. DEVELOPMENT PROJECTS Det norske is operator for six discoveries that are being considered for development. This applies to Frøy, Storklakken, Draupne, Hanz, West Cable and Jetta. Page 14 of 24

Draupne PL 001B/028B/242 The Draupne area includes the Hanz and West Cable discoveries in addition to the Draupne discovery itself. Throughout 2010, considerable work has been carried out to mature the basis for selecting a development solution for Draupne and obtaining provisional project sanction (DG2). Draupne is one of the biggest discoveries on the Norwegian Continental Shelf in recent years. The total recoverable resources are estimated to be between 112 and 172 million barrels of oil equivalents. Oil production from Draupne can start in late 2014 to early 2016, dependent on selected development concept In spring 2010, Det norske drilled an appraisal well (16/1-11 with a sidetrack 16/1-11A) on Draupne using the drilling rig Songa Delta. The Company also completed a successful production test, the first test for Det norske as operator. The results of the wells and the test were promising and confirmed the good reservoir and fluid properties proven in the discovery well from 2008 (16/1-9). The sidetrack also confirmed the oil-watercontact for the field. In autumn 2010, Lundin Petroleum drilled an exploration well in the Apollo prospect on the south flank of Draupne (16/1-14). As expected, the well showed that Draupne does not extend into the neighbouring 338 licence. The well confirmed that the reservoir properties were good in this area, too. Including well 16/1-2 on the north-east flank of the field (drilled in 1976), there are a total of five well control points on Draupne, which mean that Det norske and the partners consider the field to be fully delineated. The processing of new 3D seismic data that were collected in 2009 was completed in summer 2010 and combined with older data collected in a different direction. This has resulted in a high-quality seismic data set that forms a good basis for seismic mapping and resource analyses. In parallel, the subsurface analysis of the Hanz discovery (25/10-8) was further matured. In summer 2010, the partnership also decided to include the small West Cable discovery (16/1-7) in the development project. The subsurface work relating to Draupne, Hanz and West Cable was completed in February 2011. The total recoverable resources are estimated to be between 112 and 172 million barrels of oil equivalents, based on 15 years of production. The mean contingent resources are 143 million barrels of oil equivalents, of which approximately 80 percent is oil. Around 80 percent of the resources are located on Draupne, but the small satellites contribute to strengthening of an already commercially robustproject. Draupne will probably be produced using 12 production wells drilled from a centrally located platform. West Cable will probably be produced by a single well drilled directly from the same platform. Hanz will be produced by two wells in a subsea installation approximately 12 km away. Together, the wells are expected to produce approx. 25,000 barrels of oil equivalents a day for Det norske. During spring 2011, the Company expect that the partnership on Draupne will decide on a concept for the processing plant and oil and gas export. Many solutions have been considered, including a joint area development with the Luno discovery in licence 338 in which Lundin is operator. Depending on the development concept, production start is expected in late 2014 to early 2016. Jetta PL 027D, 169C, 504 Throughout 2010, considerable progress has also been made in maturing the basis for selecting a development solution for the Jetta discovery (25/8-17 and-17a). In June 2010, the partnerships endorsed Det norske s recommendation (DG1) that the discovery may have a commercial potential if it is tied to the field installations on Jotun, seven kilometres away. It was decided to start commercial negotiations regarding the tie-in conditions based on two production wells in a subsea installation. The subsurface work was completed in February 2011. The recoverable resources are estimated to be between 8 and 17 million barrels of oil equivalents. The mean contingent resources are 11 million barrels of oil equivalents, approximately 80% oil. In March the technical and financial analyses and the commercial negotiations with ExxonMobil as operator for the Jotun Field were completed. Although the resources are limited, the potential Jetta development is profitable. Det norske therefore recommended continuing the project (DG2) aiming at submitting a PDO in the summer of 2011. Production start is expected in late 2012 or early 2013. Jetta extends over 3 licenses, hence needs to be unitized. Expected Det norske ownership interest is approx. 60 percent. This can give the Company a production of approx. 7,000 barrels of oil equivalents a day. The DG2 Page 15 of 24

recommendation was approved by the partner Petoro, but declined by the partners Dana and Bridge. Now therefore Det norske and Petoro pursue potentially developing Jetta alone. Frøy PL 364 Det norske has a 50 percent ownership interest in Frøy. This field, which holds contingent resources of 60 million boe, is expected to produce 15,000 barrels a day for Det norske. In addition, the Company is considering whether to develop its new oil discovery Storklakken together with Frøy. Storklakken will be able to contribute 10 million barrels of oil equivalents. Det norske owns 100 percent of Storklakken. Det norske has decided to postpone the Frøy field development in PL 364. As a result of the decision made by Det norske, a plan for development and operations (PDO) for the Frøy field will not be filed this year, and it has not been decided when such a plan will be submitted. PARTNER-OPERATED DISCOVERIES Det norske has seven partner-operated discoveries in its portfolio that are probably commercial. The operators have established projects for five of these. Three findings are in the phase of obtaining provisional project sanction (DG2). PL 029B Dagny (Ermintrude) and Freke The operator Statoil is working towards obtaining provisional project sanction (DG2) for Dagny (including Ermintrude) in the second half-year of 2011. Between 10 and 35 percent of the field extends into PL 029B, in which Det norske has a 20 percent interest. The field contains both oil and gas. This winter, the operator drilled an exploration well in an adjacent project, Dougal, which was dry. Then, a sidetrack was drilled in the centre of the Dagny development, where gas and condensate were encountered, while the hydrocarbon column was smaller than expected. The consequences for the total recoverable resources in Dagny are not clear, but the volumes are still estimated to be about 200 million barrels of oil equivalents. Dagny can become one of the biggest development projects on the Norwegian Continental Shelf in the time ahead. Production will start in 2016 at the earliest. So far, no specific plans have been made for the delineation of the Freke discovery (well 15/6-10), which Det norske carried out on behalf of the operator in 2009. More work will be carried out on Freke once the Dagny development is clarified following provisional project sanction (DG2). PL 362/035B Fulla The operator Statoil is working towards a provisional project sanction (DG2) for the Fulla discovery mid autumn 2011. Production will start in 2014, at the earliest. The expected choice of solution is a subsea tie-in to Heimdal or Bruce (UK). Fulla contains gas with some condensate. The pressure is high, and the properties are good. The recoverable resources are estimated to be between 40 and 55 million barrels of oil equivalents. Det norske owns 15 percent of Fulla. PL 102C David In late autumn 2010, gas and condensate were found in exploration well 25/5-7 in the David prospect. The discovery was smaller than expected, at between 3 and 18 million barrels of oil equivalents. The properties are good, and the operator Total therefore quickly initiated a development project. Provisional project sanction (DG2) is approved by the partnership and a PDO can be submitted by summer 2011. Production may start in late 2012. The plan is to tie David to the subsea facilities for Skirne and Byggve (both operated by Total) and further into Heimdal. The exploration well has been kept for future production, which is vital for the profitability of the project. Det norske owns 10 percent of the licence. PL 442 East Frigg Gamma-Delta The operator Statoil is working towards a declaration of commerciality (DG1) for East Frigg Gamma/Delta in 2011. Preliminary estimates show reserves of between 44 and 82 million barrels of recoverable oil equivalents. About 70 percent of the resources are oil. The reservoir properties are good, but the oil is relatively viscous and recovery will therefore be challenging. Det norske owns 20 percent of the licence. PL 038D Grevling In spring 2010, the operator Talisman successfully drilled two appraisal wells, completing the appraisal program. The appraisal wells confirm that Grevling contains a lot of oil, estimated at between 40 and 95 million barrels of recoverable oil. The reservoir properties at Grevling are Page 16 of 24

relatively poor, hence hydraulic stimulation of the production wells may be necessary for commercial production rates. It may also be necessary to drill an early production well for long term production testing before a potential declaration of commerciality (DG1).Det norske owns 30 percent of the licence. PL 265 Ragnarrock Two exploration wells are planned in 2011, both on the eastside of the basement high that covers most of the production licence. The operator Statoil has named the prospects Aldous Major and Aldous Major North. There are great expectations of these wells, which, in reality, are delineations of the major Avaldsnes oil discovery (well 16/2-6) in PL 501 that was made in autumn 2010. There are many indications that we are dealing with a continuous regional oil accumulation, extending from Luno in the west to Avaldsnes in the east, which also fills all available cracks and pores in the intermediate basement high. Recently Lundin Energy in PL338 production tested 650 barrels of oil a day (46/64 choke) in exploration well 16/1-15. This supports that commercial rates may be possible in the basement high, however horizontal wells will be crucial. The shallowest part of the bedrock is filled with gas, as shown in previous wells. The expected recoverable oil resources in the Aldous Major prospects are between 140 and 500 million barrels. The basement represents a potentially large upside. Det norske owns 20 percent of the licence. Page 17 of 24

7. Market outlook It s the Company s board view, that Det norske is well-positioned for further growth based on a strong balance sheet, with several discoveries that the Company believes can be profitably developed, a large number of licenses, many operatorship s and extensive drilling activities. The Company s soundness and strong liquidity, together with its strong industrial owners, provide the board and management with sufficient time and leeway to develop the Company further. The board has initiated measures which it anticipates will improve the Company s exploration results in the long term. The exploration strategy has been changed, among other things to focus on fewer geographical and geological areas. The exploration budget for 2011 amounts to NOK 1,800 million. The board expects to make a decision on the Draupne and Jetta development projects in 2011. The board has approved an investment budget of NOK 300 million for 2011, approximately NOK 220 million of which will be invested in preparing plans for development and operation for the projects Draupne and Jetta. The original production estimate for the 2011 budget was set at an average oil production of 2,000 barrels of oil per day from the Varg, Enoch, Jotun and Glitne fields The Company is now expecting reduced production in 2011, due to two production wells drilled on the Varg field in Q1 2011 proved to be dry in combination with delayed drilling of a planned well on the Glitne field. Det norske is continually optimising its portfolio in order to spread risk and generate as much value as possible. The Company s financial results may vary widely as a result of oil price fluctuations, production volumes, development costs and exploration activities. The results may also be affected by the availability of capital and our capacity to develop the discoveries that are made. Page 18 of 24

8. Administrative, management and supervisory bodies BOARD OF DIRECTORS DET NORSKE OLJESELSKAP ASA: Svein Aaser Chairman of the board Svein Aaser (born 1946) is a graduate of the Norwegian School of Economics and Business Administration in Bergen, where he completed his education in 1970. He also has a degree in management from Lausanne. Mr Aaser was CEO of Den norske Bank and DnB NOR from 1998 until his retirement in 2006. He has also been CEO of Nycomed, Storebrand skade, NORA Matprodukter and Stabburet/Norge. He was president of the Confederation of Norwegian Enterprise (NHO) from 1992 to 1994. He holds a number of directorships, including Chair of the Executive Board of the Nordic World Ski Championships 2011, the National Museum and serves on the boards of many enterprises. Kaare Gisvold Director Kaare Moursund Gisvold (born 1942) is an independent investor and advisor. Gisvold has a PhD from NTNU in Norway. He serves, amongst other things, as chairman of the board in the media business Polaris. Gisvold was reelected as member of the Board 24 June 2009. Gisvold served as Chairman of the board of Det norske from 2005 until February 2009 Berge Gerdt Larsen Director Berge G. Larsen (1952) has served as the Executive Chairman of DNO s Board of Directors since 2002 and as CEO from 1996-2002. Mr Larsen has more than 30 years experience from the oil and offshore industry. From 1989 to 1995, Mr Larsen served as managing director of Odfjell Drilling & Consulting Company AS. He has also served as chairman of the boards of directors of the Norwegian Rig Owners Association and the Bergen Ship Owners Association. Mr Larsen holds a BSc in chemical engineering from the University of Newcastle and a master s degree in business administration from the University of Texas, Austin. Maria Moræus Hansen Director Maria Moræus Hanssen (born 1965) has worked in Aker since June 2008. Ms. Moræus Hanssen is a reservoir engineer from NTNU in Norway (1988) and a petroleum economist from the French Petroleum Institute IFP (1991). She worked for Norsk Hydro from 1992, mainly on the Norwegian Continental Shelf, where her areas of responsibility included North Sea exploration, field development on the NCS, the integration of Statoil and Hydro and platform chief (on Troll B and others). She was also senior vice president for gas supply and infrastructure in StatoilHydro Bodil Alteren Director Bodil Alteren (born 1963) is HSE Manager in Det norske oljeselskap ASA, and has been since 2006. She holds a Master of Science from NTH and PhD. from NTNU (Norwegian University of Science and Technology). Alteren was in the period 1993-2006 employed at SINTEF, among other as Senior Researcher. Before this she worked within the mining industry, among others as General Manager and Mining Operations Manager. Gunnar Eide Director Gunnar H. Eide, (born 1947) is currently the Manager for the early phase development in Det norske. Eide holds a Master of Sience from NTNU/Berg. Experience from the oil industry includes DNV (74-83), Saga Petroleum (83-99), Norske Hydro (00-02), and Petoro (02-08). He has long experience with field development planning and execution of development projects and business development. Eide came to Det norske in 2007 from Petoro as Area Manager for licenses in the Norwegian Sea and Barents Sea. In Det norske the main tasks have been Frøy development planning and Draupne Hanz commercialization project Hege Sjo Director Sjo (born 1968) is employed by The United Kingdom s largest pension fund manager, Hermes Investment Management Ltd. in London. From 1995 to 2003 she worked at the Oslo Stock Exchange, first as a researcher and Project Manager for Strategy Development, later as Director of Finance and Marketing Director. In the period 2004-2005 she was an advisor within financial communication, stock exchange listing processes and corporate governance. Sjo is a deputy member of the business supervisory board at StatoilHydro and a member of the board of directors at Polarcus Ltd. Sjo is qualified as a Bachelor of Commerce from Stirling University in Scotland and holds a degree from the Norwegian School of Economics and Business Administration (NHH). Page 19 of 24

Carol Bell Director Carol Bell (born 1958) is a British national who lives in London. She studied at University College London, where she completed her PhD at the Institute of Archaeology in 2005. She has also studied geology.since 2008, she has been a senior advisor in the field of oil and gas in the advisory company Europa Partners. Prior to this, she was Managing Director of the Chase Manhattan Bank and worked as a senior investment banker for oil and gas companies in Europe. She holds several directorships including as board member of the Norwegian company Petroleum Geo-Services and the former Revus ASA. MANAGEMENT: Erik Haugane - CEO Mr. Haugane founded Det norske (previously Pertra) in 2001. He holds a Cand. Real. degree in Exogene Geology from the University of Tromsø. Haugane has 25 years of experience from the industry and has among others been employed as Ex. Geologist with Esso, Research Scientist with SINTEF, Advisor for the Governor of Sør-Trøndelag. He joined PGS in 1992 before founding Pertra. Haugane was awarded the title Oilman of the Year in 2004 by SPE. Teitur Poulsen - CFO Mr. Poulsen from Faroe Islands, joined Det norske in the fall of 2010. He came from the position as Group Economics and Corporate Planning Manager in Lundin Petroleum AB in Switzerland. Poulsen holds an MA in Economics from the University of Aberdeen, Scotland. He has experience from several positions within economics in the oil business, from Lundin, Switzerland, Faroe Petroleum and Dana Petroleum, UK. Øyvind Bratsberg - Chief Operating Officer Bratsberg holds a M.Sc. degree in Engineering from NTNU (previously NTH). Bratsberg has 24 years of experience from the industriy within marketing, business development, and operation. His core competence commercial negotiations and management, and has comprehensive experience from offshore operations and project development. Before joining Det norske Bratsberg was responsible for early-phase field development in Statoil. Odd Ragnar Heum - Sr. VP License Strategy Mr. Heum holds a M. Sc. Degree in Petroleum Geosciences from the Norwegian University of Science and Technology in Trondheim. Heum has more than 30 years experience from the Norwegian (and international) oil business, primarily within exploration and business development. Anita Utseth Sr VP Corporate functions Utseth holds a M. Sc Degree in Mechanical Engineering from the Norwegian University of Science and Technology in Trondheim and a Master degree in Energy and Environmental Management from ENI University (previosly Scuola Superiore di Enrico Mattei) in Milan. Utseth has 20 years of experience from the energy sector, working both for the authorities and in the industry. Before joined Det norske in 2008 as VP HSE, Utseth was Deputy Minister for the Minister of Petroleum and Energy. Bjørn Martinsen- Sr. VP Exploration Martinsen holds a Cand. Scient. degree in Petroleum Geology from the University of Oslo. Mr. Martinsen has 27 years of experience from Hydro, Hess and Aker Exploration where he has held several managerial positions within exploration, on the NCS and internationally. All the members of the boards and management can be reached at the Issuer s registered business address in Trondheim. There are no conflicts of interests between any duties to the issuing entity of the persons referred to above and their private interests or other duties. Page 20 of 24

9. Major shareholders The 20 largest shareholders in Det norske oljeselskap ASA per 09.05.2011: Investor Number of shares % of total Country AKER CAPITAL AS 44,944,180 40.45% NOR DNO INTERNATIONAL ASA 12,954,478 11.66% NOR ODIN NORGE 3,355,322 3.02% NOR ODIN NORDEN 2,265,119 2.04% NOR DNB NOR SMB VPF 1,850,000 1.67% NOR DNB NOR NORGE SELEKTV (III) VPF 1,682,163 1.51% NOR SPAREBANKEN MIDT NORGE INVEST AS 1,360,762 1.22% NOR HOLBERG NORGE 1,346,514 1.21% NOR KØRVEN AS 1,095,912 0.99% NOR KOMMUNAL LANDSPENSJONSKASSE 999 180 0.90% NOR BANK OF NEW YORK MELLON SA/NV 950 290 0.86% DEU KOTENG HOLDING AS 949,867 0.85% NOR VPF NORDEA KAPITAL 919,335 0.83% NOR KLP AKSJE NORGE VPF 911,783 0.82% NOR KLP AKSJE NORDEN VPF 805,601 0.73% NOR UBS AG, LONDON BRANCH 713 120 0.64% GBR CREDIT SUISSE SECURITIES 681 580 0.61% GBR BANK OF NEW YORK MELLON SA/NV 618,489 0.56% GBR MORGAN STANLEY NORWAY EQUITY DEPOT 595,244 0.54% GBR SJÆKERHATTEN AS 579,793 0.52% NOR Total number owned by top 20 79,578,732 71,62 Total number of shares 111,111,111 100 % The Company s share capital is NOK 111,111,111 fully-paid up and divided between 111,111,111 shares, each with a nominal value of NOK 1. The Company s shares shall be registered in the Norwegian Central Securities Depository. Det norske is listed on Oslo Stock Exchange under the ticker "DETNOR". Det norske s Corporate Governance structure is based on the Norwegian Code of Practice for Corporate Governance, issued by the Norwegian Corporate Governance Board (NUES). Information about equal treatment of shareholders and transactions with closely related parties; see annual report 2010 - The board of directors report on corporate governance. Page 21 of 24

10. Financial information concerning the issuer's assets and liabilities, financial position and profits and losses The financial information has been prepared in accordance with the Norwegian Accounting Act and International Financial Reporting Standards (IFRS) and is incorporated by reference to as follow: Financial reports 2010 2009 Q1 2011 Q1 2010 Det norske oljeselskap ASA - Parent Income statement Page 17 Page 12 Balance sheet Page 18-19 Page 13-14 Cash flow statement Page 21 Page 16 Notes Page 22-71 Page 17-69 Det norske oljeselskap ASA - Group Income statement Page 17 Page 12 Page 6 Page 8 Balance sheet Page 18-19 Page 13-14 Page 7-8 Page 9-10 Cash flow statement Page 21 Page 16 Page 10 Page 12 Notes Page 22-71 Page 17-69 Page 11-18 Page 13-19 Accounting principles Page 22-34 Page 17-30 Page 11 Page 13 Auditors report Page 72 Page 70 http://www.detnor.no/en/investor-relations/detnorske-financial-reports The historical financial information for 2010 and 2009 has been audited. The historical financial information for the interim reports has not been audited. There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), during a period covering at least the previous 12 months which may have, or have had in the recent past, significant effects on the Issuer and/or Group's financial position or profitability There is no significant change in the financial or trading position of the Group which has occurred since the end of the last financial period for which either audited financial information or interim financial information have been published. There has been no material adverse change in the prospects of the Issuer since the date of its last published audited financial statements. Page 22 of 24

11. Documents on display For the life of the the following documents (or copies thereof), where applicable, may be inspected: (a) the memorandum and articles of association of the issuer; (b) all reports, letters, and other documents, historical financial information, valuations and statements prepared by any expert at the issuer's request any part of which is included or referred to in the registration document; (c) the historical financial information of the issuer or, in the case of a group, the historical financial information of the issuer and its subsidiary undertakings for each of the two financial years preceding the publication of the registration document. The documents may be inspected at http://detnor.no/ or at the Issuer head office. Page 23 of 24

12. Cross reference list: In section 1 in the information about risk factors is incorporated by reference from Det norske oljeselskap ASA Annual Report 2010, Notes 17, 18, 19, 23 and 26. In section 9 in the information about equal treatment of shareholders and transactions with closely related parties see Annual Report 2010 page 12. In section 10 in the the financial information is incorporated by reference to as follow: Financial reports 2010 2009 Q1 2011 Q1 2010 Det norske oljeselskap ASA - Parent Income statement Page 17 Page 12 Balance sheet Page 18-19 Page 13-14 Cash flow statement Page 21 Page 16 Notes Page 22-71 Page 17-69 Det norske oljeselskap ASA - Group Income statement Page 17 Page 12 Page 6 Page 8 Balance sheet Page 18-19 Page 13-14 Page 7-8 Page 9-10 Cash flow statement Page 21 Page 16 Page 10 Page 12 Notes Page 22-71 Page 17-69 Page 11-18 Page 13-19 Accounting principles Page 22-34 Page 17-30 Page 11 Page 13 Auditors report Page 72 Page 70 Information concerning 2010 is incorporated by reference from Det norske oljeselskap ASA Annual Report 2010. Information concerning 2009 is incorporated by reference from Det norske oljeselskap ASA Annual Report 2009. Information concerning Q1 2011 is incorporated by reference from Det norske oljeselskap ASA First Quarter 2011. Information concerning Q1 2010 is incorporated by reference from Det norske oljeselskap ASA First Quarter 2010. The financial reports are available at: http://detnor.no/en/investor-relations/detnorske-financialreports Page 24 of 24