Aker BP acquires interests in the Losgann/Froskelår and Slagugle discoveries

Aker BP has entered into two separate transactions that strengthen its positions close to existing infrastructure on the Norwegian Continental Shelf. In the North Sea, the company has agreed to acquire Apache's interest in the Losgann/Froskelår discovery near the Alvheim area. In the Norwegian Sea, it has agreed to acquire operatorship and a majority interest in the Slagugle area, close to the Skarv field.

Losgann/Froskelår

Aker BP has signed an agreement with Apache to acquire its operated interest in the UK part of the Losgann discovery. Together with the Froskelår discovery on the Norwegian Continental Shelf, Losgann forms a single cross-border accumulation located on the UK-Norway median line.

The discovery has remained undeveloped to date. By acquiring Apache's interest, Aker BP expects to establish operatorship (subject to obtaining?customary?necessary consents)?on both sides of the accumulation, creating a stronger basis for progressing the project towards development and maximising value creation from the discovered resource.

"Losgann and Froskelår are two names for the same discovery. By bringing ownership, operatorship and development responsibility together, we improve the prospects of moving the project towards development and creating value from resources located close to existing infrastructure," said Karl Johnny Hersvik, CEO of Aker BP.

The Losgann/Froskelår discovery is considered a potential tie-back opportunity to the Alvheim area. The transaction supports Aker BP's strategy of creating value through infrastructure-led development and profitable growth around existing hubs.

Slagugle

Aker BP has signed an agreement with ConocoPhillips Skandinavia AS to acquire operatorship and a 51 percent working interest in the Slagugle area in the Norwegian Sea. Following completion, ConocoPhillips will retain a 29 percent non-operated interest, while INPEX Idemitsu Norge AS holds the remaining 20 percent.

The transaction marks Aker BP's return to the licence after seven years. In the meantime, ConocoPhillips and its partners have carried out valuable work to mature the area and build a solid foundation for possible development.

The Slagugle area comprises licences PL891, PL891B and PL891C and includes the main Slagugle oil discovery. It is located around 20 kilometres north of the Heidrun field and approximately 270 kilometres north of Kristiansund. The first licence in the area was awarded in the APA licensing round in 2016.

Three wells - one discovery well and two appraisal wells - have been drilled in the area between 2020 and 2025, together proving around 50 million barrels gross of recoverable oil from the main Slagugle structure. A subsea development concept has been partially matured, and the agreement includes preliminary plans for additional exploration aimed at increasing the resource base ahead of a potential development.

"The Slagugle area is located close to our Skarv field, and we see attractive potential to add resources through further exploration in the licence.

ConocoPhillips and its partners have done solid work maturing the area, and by assuming operatorship we can align activity with existing infrastructure and work to establish a competitive basis for a possible development around one of our established hubs," said Karl Johnny Hersvik, CEO of Aker BP.

Both transactions are subject to approval by the relevant authorities and other customary completion conditions.

Contacts

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889 Tore Dammann Langballe, Press Spokesperson, tel.: +47 907 77 841

About Aker BP Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates the field centres Alvheim, Eiga, Skarv, Ula and Valhall, operates Yggdrasil, which is under development, and is a partner in the Johan Sverdrup field. Measured in production, Aker BP is one of the largest independent oil companies in Europe.

Aker BP is headquartered at Fornebu and is listed on the Oslo Stock Exchange under the ticker code AKRBP. More about Aker BP at www.akerbp.com (https://www.akerbp.com/en).