Aker Exploration:

Rig for oil

Status and OutlookBård Johansen, President & CEO

| 2© Aker |

The preferred partner

part of the Aker group

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 APA1 round

| 3© Aker |

The preferred partner

part of the Aker group

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) 2005 2006

Revenues - 0EBITDA - (37)

Tax refund receivable - 29

Profit after tax - (8)

* Preliminary figures

The world’s most advanced drilling unit under construction

| 4© Aker |

The preferred partner

part of the Aker group

Rig for Oil

Aker Exploration's unique business modelAker 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

| 5© Aker |

The preferred partner

part of the Aker group

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 resourcesAccess to appropriate rigAccess to Rig

Access to Licenses

Norwegian Continental Shelf:

Focus on the northern part

PL321

PL416

| 7© Aker |

The preferred partner

part of the Aker group

Focus:

The most attractive areas

Total recoverable resources: 81 billion boe

26%

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

| 8© Aker |

The preferred partner

part of the Aker group

Business model economics

Robust financial solution

Cost

Revenues

60%

Size of unrisked resources

x

Expected discovery rate

2. Commercial negotiation 3. Sales value pre PDO1. 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

+

2010

Own share

| 9© Aker |

The preferred partner

part of the Aker group

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

| 10© Aker |

The preferred partner

part of the Aker group

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, 2007. 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