Q Det norske oljeselskap ASA Oslo, 8 May Erik Haugane, CEO Paul E. Hjelm-Hansen, CFO Torgeir Anda, PR Manager

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1 Q Det norske oljeselskap ASA Oslo, 8 May 2008 Erik Haugane, CEO Paul E. Hjelm-Hansen, CFO Torgeir Anda, PR Manager

2 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 Q to 1,724 barrels/day in Q Oil sold at an average of USD 94.07/barrel

3 Shareholder Values Commercial reserves: Proven discoveries: Risked resources: Acquisition costs : Discovery costs : Discovery costs last 12 months: 0.5 barrel per share 2.0 barrels per share 9.9 barrels per share 3.9 USD/barrel (after tax) 0.51 USD/barrel (after tax) 0.48 USD/barrel (after tax)

4 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

5 Reserves and Resources

6 Company Comparison Source: Company web pages

7 Key Figures Q MNOK / Mill. barrels Q12008 Q12007 Operating revenues Income / (loss) before taxes (44.8) (10.2) Exploration costs No. of licenses No. of operatorships 24 7 P 50 reserves P 50 reserves and resources Total risked reserves and resources

8 Financial Key Figures MNOK Q12008 Q42007 Operating revenues Income / (loss) before taxes (44.8) (116.7) Exploration costs of this seismic data Investments Cash flow before financing (294.9) 202.0

9 Key Figures Q1 - Production Per barrel USD Revenues Costs Depreciation Margin on sold quantity Production volume barrels PL 0138 Varg PL 048B Glitne PL 048D Enoch TOTAL

10 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

11 Det norske s Oil Production Production from Varg is expected to increase during the last half of 2008 due to new production wells Barrels per day 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

12 Exciting Discovery on Draupne Det norske operator 35 % StatoilHydro 50% PA Resources 15% Prospect volume: Proven volume: Probable volume: Mboe Mboe ~ 65 Mboe Same partnership in the Draupne area Hanz West Cable Draupne Total Mboe 3 5 Mboe Mboe Mboe

13 Draupne Area Solution The discovery may open up for commercial recovery of two previous oil discoveries in Hanz and West Cable Lundin s Luno is located close to Draupne. Ragnarrock A joint development will decrease unit costs.

14 PDO Submitted for Frøy 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 Licensees aim for award of contract in Q

15 Frøy Net Present Value Before Tax Thousand NOK NPV (50 USD/bbl NPV (calculated future price) NPV (100 USD/bbl) NPV - 7% cost of capital

16 Det norske s licenses in the North Sea and the Norwegian Sea Critical factors: Access to acreage Exploration technology Production technology

17 Barents Sea a Huge Potential

18 APA 2007 Licenses mature prospects 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 Sm 3 Discovery probability: 36% Well approved, drilling in 2009

19 The Operator Position - Room to Maneuver

20 Det norske oljeselskap ASA Per March 2008

21 The Employees Our Most Important Asset

22 Strengthening of Management CEO Erik Haugane PR Manager Torgeir Anda VP Business Dev. Vidar B. Larsen CFO Paul Hjelm-Hansen (New CFO 1 July) IR Manager Knut Evensen VP Geology Sigmund Hanslien COO Øyvind Bratsberg VP HSE Anita Utseth VP Exploration Tom Bugge VP Reserve and Area Development Odd Ragnar Heum VP Technology & Development Stein Fines Production and Operation VP Drilling & Well Op. Anton Tronstad

23 Det norske s Drilling Program

24 Next - Freke To be drilled by Det norske with the rig Bredford Dolphin in August MBO prospect (P50) with a very high discovery probability Esso (operator), Statoil, and Det norske (20%) ERMINTRUDE Located close to Statoil s Ermintrude discovery

25 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

26 Expected Growth in Proven Discoveries Historic performance Expected growth

27 Outlook The 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 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

28 Attachments

29 Income Statements 1) Det norske oljeselskap - Consolidated Income Statement 1. kvartal (All figures in NOK 1000) Petroleum revenues Other operating revenues TOTAL OPERATING REVENUES Exploration expenses Change in inventories Production costs Payroll and payroll-related expenses Depreciation and amortsation expenses Other operating costs TOTAL OPERATING EXPENSES OPERATING PROFIT/(LOSS) Interest income Other financial income Interest expenses Other financial expenses NET FINANCIAL ITEMS INCOME /(LOSS) BEFORE TAXES Taxes (+)/tax income (-) on ordinary income/(loss) NET INCOME /(LOSS) Minority's share of net income (loss) -21 Majority's share of net income (loss) Weighted average no. of shares outstanding Weighted average no. of shares fully diluted 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) Prepared in accordance with IFRS

30 Balance Sheet Consolidated Balance Sheet (All figures in NOK 1000) Intangible assets Goodwill Capitalized exploration expenditures Other intangible assets Tangible fixed assets Property, plant, and equipment Financial fixed assets Long-term receivable (prepayment) Calculated tax receivable TOTAL Current assets FIXED ASSETS Inventories Inventories Receivables Trade receivables Other receivables Calculated tax receivable Cash and cash equivalents Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS Paid-in capital Share capital Share premium Minority interests TOTAL EQUITY Provisions Pension obligations Deferred taxes Abandonment provision Deferred revenues TOTAL PROVISIONS Current liabilities Short-term loan Trade creditors Taxes withheld and public duties payable Other current liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

31 Cash Flow Statement Consolidated Cash Flow statement (All figures in NOK 1000) Cash flow from operating activities Income/(loss) before taxes Tax refund Depreciation and amortisation expenses Changes in plugging and abandonment liabilities Changes in inventories, accounts payable and receivable Changes in net current capital and in other current balance sheet items NET CASH FLOW FROM OPERATING ACTIVITIES Cash flow from investment activities Purchase of property, plant and equipment Payment related to compulsory acquisition of shares Purchase of ingangible assets NET CASH FLOW FROM INVESTMENT ACTIVITIES Cash flow from financing activities Paid-in share capital/capital increase Expenditure related to acquisition of companies Payment of loan Short-term loan NET CASH FLOW FROM FINANCING ACTIVITIES Net change in cash and cash equivalents Cash and cash equivalents at start of period Cash and cash equivalents in acquired company at time of acquisition CASH AND CASH EQUIVALENTS AT END OF PERIOD Specification of cash and cash equivalents at end of period Bank deposits, etc Restricted bank deposits Other financial investments Total cash and cash equivalents at end of period