Aker Exploration: Rig for oil Status and Outlook Bård Johansen, President & CEO

© Aker | The preferred partner part of the Aker group | 2 Business overview 4Q06 Aker Exploration  Pre-qualified as license holder on the NCS by the Norwegian authorities  Company successfully financed in December 2006 NOK 305 million pre-money valuation NOK 915 million new equity NOK 457 million convertible bond  Long-term charter agreed for sophisticated and versatile Aker H-6e semisub  Farm-in agreed with Pertra for 15 % of PL 321 in Norwegian Sea  Awarded 15 % ownership in North Sea block 31/8 in Norwegian APA 1 round

© Aker | The preferred partner part of the Aker group | 3 Business overview 2006 Aker Exploration  In line with the business plan  Reflects the start-up of activities  Strengthening the organization  Ready to acquire new licenses  Capital base: NOK 3.2 billion Key figures (in NOK million) Revenues-0 EBITDA-(37) Tax refund receivable - 29 Profit after tax - (8) * Preliminary figures The world’s most advanced drilling unit under construction

© Aker | The preferred partner part of the Aker group | 4 Rig for Oil Aker Exploration's unique business model Aker Exploration - a new partner to increase exploration drilling We are a pure-play exploration company, uniquely positioned to acquire licenses on the NCS Secure a 5-year contract, on a flexible state-of-the-art rig Farm-in with oil companies & direct license awards Access to appropriate rig Access to licenses

© Aker | The preferred partner part of the Aker group | 5 Experienced subsurface organization Solid financial structure Focused on building high-quality portfolio Fully funded for a 3 year drilling programme Key building blocks Adding human capital and financial resources Access to appropriate rig Access to Rig Access to Licenses

Norwegian Continental Shelf: Focus on the northern part PL321 PL416

© Aker | The preferred partner part of the Aker group | 7 Focus: The most attractive areas Total recoverable resources: 81 billion boe Undiscovered resources North Sea - North - Mid - South Norwegian Sea Barents Sea 17 (81%) 4 (19%) Undiscovered resources 21 billion boe = AKX strategic focus Source: NPD

© Aker | The preferred partner part of the Aker group | 8 Business model economics Robust financial solution Cost Revenues 60% Size of unrisked resources x Expected discovery rate 2. Commercial negotiation 3. Sales value pre PDO 1. Geological evaluation AKX share vs. % of exploration costs carried by AKX $2-5 per barrel based on historic comparable transactions 1. Drilling costs 2. Average cost carry Rig costs Third party costs Other license costs Own admin costs 3. Tax refund 78% Fixed net cost base of  $50m Net cash flow of  $175m per year = Steady state revenues of  $225m Own share

© Aker | The preferred partner part of the Aker group | 9  Significant resources yet to be found on the NCS  Government incentives to increase exploration through tax refund, escalating area fee and drill-or-drop  Low exploration activity, industry struggles to secure flexible rig capacity Strong industrial rationale Unique business model, trading “Rig for Oil”  Exploring the most attractive areas of the NCS  Offering flexible access to rig for drilling single wells  Well positioned for farm-in negotiations and license awards  Team focused on building high-quality exploration portfolio and increase discovery rates by innovative use of new technology Exploring for the future  Pure exploration play, aiming to sell discoveries pre-PDO  78% tax-cash refund reduces risk for equity investors  If drilling success approximates the historical track record, Aker Exploration's profitability will be excellent Summary A New Exploration Venture on NCS

© Aker | The preferred partner part of the Aker group | 10 This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Exploration ASA and Aker Exploration ASA’s (including subsidiaries’ and affiliates’) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”, ”believes”, ”estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Exploration ASA’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Exploration ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Exploration ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Exploration ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of the Presentation. In this presentation we may sometimes use “Aker Exploration", “Company, "we" or "us" when we refer to the Aker Exploration group This Presentation speaks as of January 24, Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date Disclaimer