Aker BP: Oil Discovery in the NOAKA Area

TRONDHEIM, Norway, July 12, 2019 /PRNewswire/ -- Aker BP is about to complete the Liatårnet exploration well in licence 442 in the NOAKA area. The well has proved oil with a gross resource estimate of 80-200 mmboe. Further data acquisition and analysis will be undertaken to determine the drainage strategy and recovery factor for the discovery.

Evy Glørstad-Clark, SVP Exploration in Aker BP commented:

"The exploration success at Liatårnet is an encouraging result of a long-term strategy to unlock the exploration potential in the NOAKA area and provide the basis for an area development. The discovery represents a significant addition to the NOAKA resource base."

Aker BP is the operator and holds 90.26 percent interest in licence 442. The partner is LOTOS (9.74 percent).

A more detailed technical description of the well results will be released by the Norwegian Petroleum Directorate when the operation has been completed.

Contacts: Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47-918-89-889

Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47-402-24-217

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SOURCE Aker BP ASA