Completion of merger between Det norske and Aker Exploration

Aker Exploration ASA and Det norske oljeselskap ASA resolved at their respective
extraordinary general meetings held on 19 October 2009 to merge the companies.
 
The merger is planned to be completed by registration in the Register of
Business Enterprises after the stock exchange trading hours on 22 December
2009. The companies have, as to date, received no objections against the merger
within the deadline for creditors to put forward such objections. Remaining
conditions for the merger are fulfilled.
 
The first day of trading of the shares for the combined company will be on 23
December 2009.
 
Aker Exploration ASA is the acquiring company in the merger, pursuant to company
law. Det norske oljeselskap ASA’s assets, rights and obligations will be
transferred to Aker Exploration ASA against consideration to the shareholders in
Det norske oljeselskap ASA in the form of shares in Aker Exploration ASA.
 
Upon the registration of the merger, Aker Exploration ASA will amend its name to
Det norske oljeselskap ASA and take the tickercode “DETNOR”. The merged
Company’s shares (tickercode DETNOR - ISIN number NO 001 0345853 – organisation
number 989 795 848) will be listed on Oslo Børs with first day of trading on 23
December 2009. The listing of the shares in Aker Exploration ASA on Oslo Axess
will cease, with last day of trading on 22 December 2009.
 
No trades of shares in Det norske oljeselskap ASA (the assigning company) after
end of trading on Oslo Børs on 22 December 2009 will be registered in the
Norwegian Central Securities Depository (VPS). Recipients of the merger
consideration in connection with the merger will be shareholders in Det norske
oljeselskap ASA (the assigning company) at end of trading on Oslo Børs on 22
December 2009, as reflected in the shareholder register following ordinary
settlement of trades made on 22 December 2009 (T+3). Issue of shares in Aker
Exploration ASA as merger consideration is expected to be registered in VPS on
29 December 2009.
 
For the shareholders of Det norske oljeselskap ASA (the assigning company) the
merger will imply an altered number of shares on the shareholders’ VPS accounts
in accordance with the exchange ratio of the merger. In addition, the ISIN
number of the shares will be changed to the ISIN number of the acquiring company
for these shareholders.
 
Each share in Det norske oljeselskap ASA gives the right to 1.403328 shares in
Aker Exploration ASA. Fractions of shares will not be distributed to the
shareholders. Such fractions will instead be aggregated and sold (rounded down
to the nearest whole share), and the net proceeds will be distributed to the
relevant shareholders’ accounts for share dividends as registered in VPS.
Pursuant to the merger plan, the sale will be carried out as soon as possible
after the completion of the merger.
 
The registered issued share capital in the combined company upon completion of
the merger will be NOK 111,111,111 divided into 111,111,111 shares fully paid
up, each with a par value of NOK 1.
 
The Articles of Association will be amended in accordance with the
abovementioned.
 
Information on outstanding registered share capital and the number of shares of
the merged company will as stipulated by Oslo Børs’ Continuing Obligations be
provided in a stock exchange notice prior to the opening of Oslo Børs on the
first day of trading of its shares (23 December 2009). An updated transcript of
the Certificate of Registration will be attached to such stock exchange notice.
 
For additional information please contact CEO Lars Thorrud, Aker
Exploration ASA, telephone +47 911 34333 or CFO Rune Dreiem telephone +
47 410 85 958
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
[HUG#1365678]
 
AKX ASA OSE 18 December 2009 - DetNor merger: http://hugin.info/138697/R/1365678/333586.pdf