Q1 2008

Det norske oljeselskap ASAOslo, 8 May 2008

Erik Haugane, CEO

Paul E. Hjelm-Hansen, CFO

Torgeir Anda, PR Manager

Highlights

License awards in APA 2007 increased the company’s risked resources by 150 MBO

Det norske submitted Plan for Development and Operation (PDO) for Frøy

Successful drilling on Draupne. Basis for area development with three adjacent

discoveries. So far, Det norske has made discoveries in two of three exploration wells

Launching of new logo and graphic profile

Increased production from 830 barrels/day in Q1 2007 to 1,724 barrels/day in Q1 2008

Oil sold at an average of USD 94.07/barrel

Shareholder Values

Commercial reserves: 0.5 barrel per share

Proven discoveries: 2.0 barrels per share

Risked resources: 9.9 barrels per share

Acquisition costs 2005 - 2008: 3.9 USD/barrel (after tax)

Discovery costs 2005 - 2008: 0.51 USD/barrel (after tax)

Discovery costs last 12 months: 0.48 USD/barrel (after tax)

Corporate Strategy

- Exploration strategy- E&P company pursuing selective plays in familiar exploration models (oil discoveries in two of three wells)

- Developing an already well-qualified exploration staff further

- Utilize advanced technology

- Active role in the Barents Sea

- Area strategy- Make use of comparable advantages in exploration

- Reduce unit costs for production

- Ensure fast production start-up of discoveries

- Development strategy- Flexible technological solutions enabling profitable production from small fields

- Drilling strategy- Ensure rig capacity, but be driven by good prospects

- Secure internal well planning capacity

- Financial strategy- Finance exploration activities through drawing facilities with collateral in tax refunds

- Development investments through cooperation with contractors, carried interest, and other financing schemes

Reserves and Resources220 513

Source: Company web pages

Company Comparison

Key Figures Q1 2008

MNOK / Mill. barrels Q12008 Q12007

Operating revenues 79.5 29.4

Income / (loss) before taxes (44.8) (10.2)

Exploration costs 56.9 24.6

No. of licenses 46 12

No. of operatorships 24 7

P50 reserves 31.4 7.0

P50 reserves and resources 129 40

Total risked reserves and resources 642 260

Financial Key Figures

MNOK Q12008 Q42007

Operating revenues 79.5 55.6

Income / (loss) before taxes (44.8) (116.7)

Exploration costsof this seismic data

56.99.4

122.88.4

Investments 153.9 145.8

Cash flow before financing (294.9) 202.0

Key Figures Q1 - Production

Per barrel USD Revenues Costs Depreciation Margin on

sold

quantity

Production

volume

barrels

PL 0138 Varg 96 37 24 35 52 031

PL 048B Glitne 93 26 28 39 90 765

PL 048D Enoch 93 5 37 51 14 090

TOTAL 94 28 27 39 156 886

Financial Position Q1

Equity

MNOK 3,524

Equity ratio 54.1%

Liabilities

MNOK 344 interest-bearing debt (exploration facility)

Current assets

Liquid assets MNOK 506

Tax receivables 2008 MNOK 616

Tax receivables 2009 MNOK 40

Production from Varg is expected to

increase during the last half of 2008 due to

new production wells

Production from Glitne is falling, but new

production wells are under planning

Production has been strengthened through

the acquisition of Lundin’s interest in Jotun.

This will be included as soon as transaction

has been approved by the authorities

Expected production is 2,200 barrels/day in

the last six months of 2008

Yme is expected to contribute with 4,000

barrels/day during 2009

Det norske’s Oil Production

Barrels per day

Exciting Discovery on Draupne

Det norske operator 35 %

StatoilHydro 50% PA Resources 15%

Prospect volume: 25-90 Mboe.

Proven volume: 25-30 Mboe

Probable volume: ~ 65 Mboe

Same partnership in the Draupne area

Hanz

West Cable

Draupne

12 – 20 Mboe

3 – 5 Mboe

25 – 65 Mboe

Total 40 – 90 Mboe

Draupne Area Solution

and West Cable

The discovery may open up for

commercial recovery of two

previous oil discoveries in Hanz

Lundin’s Luno

is located close to

Draupne.

Ragnarrock

A joint development will

decrease unit costs.

Jack-up platform with drilling and production

equipment.

Oil stored in tank located on seabed for offloading to

shuttle tankers.

Gas is injected to boost recovery.

Several solutions have been assessed, of which the

selected solution is the more robust.

Maximum crew of 120.

Lease of production facility for a minimum of six

years.

Investments amounting to NOK 3 billion in wells from

2012-2014.

Licensees aim for award of contract in Q3 2008.

PDO Submitted for Frøy

Frøy – Net Present Value Before Tax

Thousand NOK

NPV - 7% cost of

capital

NPV (50 USD/bbl

NPV (calculated future price)

NPV (100 USD/bbl)

Det norske’s licenses in

the North Sea and the

Norwegian Sea

Critical factors:

• Access to acreage

• Exploration

technology

• Production technology

Barents Sea – a Huge Potential

PL 450, ”Storebjørn”, 8 km west of Ula

Recoverable oil: 50 MBO

Discovery probability: 34%

Firm well, drilling in 2010

PL 460, ”Storklakken”, 20 km west of Frøy

Recoverable oil: 30 MBO

Discovery probability: 40%

Firm well, drilling in 2009

PL 476, ”Trolltind”, 8 km east of Midgard

Recoverable gas: 40 Mrd Sm3

Discovery probability: 36%

Well approved, drilling in 2009

APA 2007 Licenses – mature prospects

The Operator Position - Room to Maneuver

Det norske oljeselskap ASA

Per March 2008

The Employees – Our Most Important Asset

Strengthening of Management

VP Reserve and Area

Development

Odd Ragnar Heum

Production and

Operation

VP Drilling &

Well Op.

Anton Tronstad

CEO

Erik Haugane

VP Business Dev.

Vidar B. Larsen

VP Exploration

Tom Bugge

COO

Øyvind Bratsberg

CFO

Paul Hjelm-Hansen

(New CFO 1 July)

VP HSE

Anita Utseth

VP Geology

Sigmund Hanslien

VP Technology &

Development

Stein Fines

PR Manager

Torgeir Anda

IR Manager

Knut Evensen

Det norske’s Drilling Program

Next - Freke

To be drilled by Det norske with

the rig Bredford Dolphin in

August 2008

90 MBO prospect (P50) with a

very high discovery probability

Esso (operator), Statoil, and Det

norske (20%)

Located close to Statoil’s

Ermintrude discovery

ERMINTRUDE

The Portfolio

Det norske will consider selling or swapping interests in discoveries and

prospects, thus enabling a reallocation of resources to the many exciting

prospects in our portfolio. This pertains to projects where we have major

license interests, and where we are the operator.

Det norske will concentrate value creation around exploration and

development of fields where our operatorship will prove decisive to recovery

of resources.

We will swap / reduce our ownership share in exploration licenses where we

hold an interest constituting more than 50%

• Asset Swap Agreement with Concedo finalized

• Other agreements to be announced shortly

We aim to increase our portfolio through applications in APA 2008 and the

20th Licensing Round

Historic

performance

Expected

growth

Expected Growth in Proven Discoveries

OutlookThe Draupne discovery corroborates the potential in the company’s exploration strategy

Det norske’s 7% interest in Jotun, together with increased production from Varg, is expected

to result in a production for Det norske amounting to more than 2,200 BOPD in the last six

months of 2008. Production from Yme will contribute additional 4,000 BOPD during the last

half of 2009

The Freke and Eitri prospects are being drilled by Det norske this year. In addition, we

participate in drilling operations performed and operated by Talisman, Eni, and StatoilHydro

Furthermore, drilling of Grevling (PL 038) will contribute to clarifying the potential for

Storskrymten

PDO for Frøy is expected approved by the authorities during the last half of 2008

Det norske will drill 8 or 9 exploration wells next year

License swaps and sales during 2008 are expected to contribute to increased value creation

and accelerated growth for the company. We will participate actively in APA 2008 and the

20th Licensing Round.

We shall continue to discover resources on the Norwegian Shelf for less than USD 1

per barrel

Attachments

Income Statements 1)

1) Prepared in accordance with IFRS

Det norske oljeselskap - Consolidated Income Statement

(All figures in NOK 1000) 2008 2007

Petroleum revenues 78 165 29 406

Other operating revenues 1 318

TOTAL OPERATING REVENUES 79 483 29 406

Exploration expenses 56 907 24 579

Change in inventories -343 1 475

Production costs 23 369 12 724

Payroll and payroll-related expenses 6 919 431

Depreciation and amortsation expenses 25 255 6 190

Other operating costs 4 658 220

TOTAL OPERATING EXPENSES 116 766 45 619

OPERATING PROFIT/(LOSS) -37 283 -16 213

Interest income 12 571 7 722

Other financial income 1 523 461

Interest expenses 6 968 736

Other financial expenses 14 634 1 442

NET FINANCIAL ITEMS -7 508 6 005

INCOME /(LOSS) BEFORE TAXES -44 791 -10 208

Taxes (+)/tax income (-) on ordinary income/(loss) -35 827 -11 007

NET INCOME /(LOSS) -8 964 799

Minority's share of net income (loss) -21

Majority's share of net income (loss) -8 942

Weighted average no. of shares outstanding 64 925 020 26 513 420

Weighted average no. of shares fully diluted 64 925 020 26 513 420

Earnings/(loss) after taxes per share (adjusted for split) (0,14) 0,03

Earnings/(loss) after taxes per share (adjusted for split) fully diluted (0,14) 0,03

1. kvartal

Balance SheetConsolidated Balance Sheet 31.12.

2008 2007 2007

Intangible assets

Goodwill 1 716 661 43 875 1 671 556

Capitalized exploration expenditures 532 315 7 181 517 867

Other intangible assets 2 421 304 25 189 2 423 340

Tangible fixed assets

Property, plant, and equipment 395 125 111 138 354 692

Financial fixed assets

Long-term receivable (prepayment) 5 159 5 160

Calculated tax receivable 40 283 19 960

TOTAL FIXED ASSETS 5 110 847 207 343 4 972 614Current assets

Inventories

Inventories 2 938 778 6 136

Receivables

Trade receivables 133 605 14 714 128 237

Other receivables 143 669 73 069 116 161

Calculated tax receivable 615 539 112 752 618 044

Cash and cash equivalents

Cash and cash equivalents 506 046 522 899 585 127

TOTAL CURRENT ASSETS 1 401 797 724 212 1 453 704

TOTAL ASSETS 6 512 644 931 555 6 426 319

Paid-in capital

Share capital 12 985 5 308 12 985

Share premium 3 510 654 805 045 3 519 597

Minority interests 30 725

TOTAL EQUITY 3 523 639 810 353 3 563 307

Provisions

Pension obligations 5 597 3 730 8 125

Deferred taxes 2 159 926 27 827 2 166 470

Abandonment provision 82 755 22 368 81 133

Deferred revenues 15 179 10 402

TOTAL PROVISIONS 2 263 457 53 925 2 266 130

Current liabilities

Short-term loan 344 447 128 625

Trade creditors 30 044 8 044 112 788

Taxes withheld and public duties payable 4 060 1 568 12 044

Other current liabilities 346 998 57 665 343 423

TOTAL CURRENT LIABILITIES 725 549 67 277 596 881

TOTAL LIABILITIES 2 989 006 121 202 2 863 012

TOTAL EQUITY AND LIABILITIES 6 512 644 931 555 6 426 319

31.03.

(All figures in NOK 1000)

Cash Flow StatementConsolidated Cash Flow statement 01.01.-31.12.

(All figures in NOK 1000) 2008 2007 2007

Cash flow from operating activities

Income/(loss) before taxes -44 791 -10 208 -247 485

Tax refund -28 323 795

Depreciation and amortisation expenses 25 255 6 190 34 553

Changes in plugging and abandonment liabilities 1 623 440 3 129

Changes in inventories, accounts payable and receivable -84 914 -16 765 62 975

Changes in net current capital and in other current balance sheet items -38 145 11 425 127 640

NET CASH FLOW FROM OPERATING ACTIVITIES -140 972 -8 946 304 607

Cash flow from investment activities

Purchase of property, plant and equipment -62 854 -29 894 -170 824

Payment related to compulsory acquisition of shares -75 810

Purchase of ingangible assets -15 266 -6 242 -194 444

NET CASH FLOW FROM INVESTMENT ACTIVITIES -153 930 -36 136 -365 267

Cash flow from financing activities

Paid-in share capital/capital increase 2 091 2 091

Expenditure related to acquisition of companies -13 775

Payment of loan -290 686

Short-term loan 215 822 130 000

NET CASH FLOW FROM FINANCING ACTIVITIES 215 822 2 091 -172 369

Net change in cash and cash equivalents -79 081 -42 991 -233 029

Cash and cash equivalents at start of period 585 127 565 890 565 890

Cash and cash equivalents in acquired company at time of acquisition 252 267

CASH AND CASH EQUIVALENTS AT END OF PERIOD 506 046 522 899 585 127

Specification of cash and cash equivalents at end of period

Bank deposits, etc. 479 543 497 336 552 741

Restricted bank deposits 3 541 8 806

Other financial investments 22 963 25 563 23 580

Total cash and cash equivalents at end of period 506 046 522 899 585 127

01.01 .- 31.03.