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Northern Oil ASA

Northern Oil ASA. Pareto Offshore Seminar September 5, 2001 John M Dahlen, CEO. Northern Oil ASA. Disclaimer

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Northern Oil ASA

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  1. Northern Oil ASA Pareto Offshore Seminar September 5, 2001 John M Dahlen, CEO

  2. Northern Oil ASA Disclaimer The documentation herein contains forward-looking statements, including beliefs and expectations. These statements are based on current plans, estimates and projections, as well as expectations about external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. We caution you that a number of important factors could cause actual results or outcomes which differ materially from those expressed in any of these forward-looking statements.

  3. Northern Oil ASA Main holdings • Naftex Energy Corporation NOI holding: 79,400,000 shares - 84.2% Listed at TSE (tier 3) – CDNX Trading symbol: YNF • Petrolex Energy Corporation NOI holding: 42,687,098 shares - 62,9% Listed at TSE Trading symbol: PXV

  4. Northern Oil ASA Main business activities • Naftex Energy Corporation * Block BS-3 - Santos Basin Offshore Brazil (Fields: Coral, Estrela-do-Mar, Caravela Sul) * WEEM-license - Eastern Desert Egypt • Petrolex Energy Corporation * Rubiales Oilfield Colombia

  5. Northern Oil ASANaftex Energy Corporation Brazil Block BS-3

  6. Northern Oil ASANaftex Energy Corporation Santos Basin Brazil

  7. Northern Oil ASANaftex Energy Corporation Block BS-3 Brazil

  8. Northern Oil ASANaftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) • Exploration Well: Caravela Sul Target: doublingreserves or more Reservoirs: Zones: B1 B2 B3 B4 Investments: USD 18 –22 mill Completion: September 2001 Rig: Nymphea (Pride) Share: 27.5% (incl carry of Petrobras: 42.3%) Further work: evaluation, 3D seismic, appraisal drilling (??) Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

  9. Northern Oil ASANaftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) • Development: Coral field Production wells: 2 (3) wells Sub-sea Completion: Horizontal X-mas trees Flexible Production Lines Production unit: Semi-sub Atlantic Zephyr Capacity 20,000 bpd Offshore Loading: Storage Tanker Production start: April 2002

  10. Northern Oil ASANaftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) Development: Coral Estrela do Mar Investments: USD 50 mill USD 25 mill Reserves: 19 (25) mill bbls 8 (10) mill bbls Prod. start up: April 2002 4Q 2002 Share: 27.5% Petrobras prefinancing: (share of investments 38.4%) Total reserves:27 (35) mill bbls Producing Zones B1: 9mill, B2: 18mill, B3 Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

  11. Northern Oil ASANaftex Energy Corporation Egypt WEEM license

  12. Northern Oil ASANaftex Energy Corporation Eastern Desert Egypt

  13. Northern Oil ASANaftex Energy Corporation • Egypt - WEEM Production 1,000 bbls/day Reserves Proven 1.2 mill bbls Possible +/-10 mill bbls Revenue share EGPC approx. 50% Share 50% Operator: Cabre/Bitech (50%)

  14. Northern Oil ASANaftex Energy Corporation • Egypt - WEEM Contemplate to dispose of the asset Disputes with partner (Cabre/Vanguard) Farm-in Operatorship Bitech has acquired Vanguard Lukoil acquires Bitech

  15. Northern Oil ASA Petrolex Energy Corporation Colombia Rubiales Field

  16. Rubiales Northern Oil ASA Petrolex Energy Corporation Colombia

  17. Northern Oil ASAPetrolex Energy Corporation Rubiales – Colombia: Reserves and Production Production Start up: September 25, 2000 6 wells : 1,500 - 1,800 bopd. Potential one year: 5-10,000 bopd Reserves (SEC definitions) Proven undeveloped: 12 mill barrels Probable undeveloped 160 mill barrels Recoverable (not SEC): 210 mill barrels

  18. Northern Oil ASAPetrolex Energy Corporation Rubiales – Colombia: Operations 6 wells: down hole mechanical pumps Processing: heating and separation Storage: in-field tanks 10,000 barrels Transport: trucking to Bogotá-area Sales: to local industry as fuel oil as feed-stock for refineries Share: 80% Operator: Tethys/ITS (20%)

  19. Northern Oil ASAPetrolex Energy Corporation Rubiales – Colombia: Development 2001/2002 Completed drilling program: Vertical well: 400-500 bopd Horizontal well: stuck production liner Facilities upgrades Upcoming dry season development under consideration: Wells: Re-entry, new horizontal vs. vertical Facilities: Process, Storage, Loading

  20. Northern Oil ASAPetrolex Energy Corporation Rubiales – Colombia: Planning • Reservoir Management • Well optimization: Horizontal vs. Vertical • Development plans incl. alternative full field developments Transport alternatives (pipeline vs. trucking) Corporation with partners Security issues • Financing alternatives

  21. Northern Oil ASA Ownership Board Management

  22. Northern Oil ASA Major Sharholders • Osprey Maritime 42.73% • Aksjefondet Gambak 4.21% • Odin Norden 3.73% • Storebrand Livsforsikring 2.40% • Union Bank of Norway 2,04% 90,250,000 shares outstanding 2,750 shareholders As per September 1, 2001

  23. Northern Oil ASA Board of Director • Erling Lind, Chairman • Tor Olav Trøim • Ole Melberg • Jon-Aksel Torgersen • Yngvar B Heide • Pierre Godec, Special Advisor to the Board

  24. Northern Oil ASA Management • John M Dahlen, President &CEO • Geir Walderhaug, Finance and Control • Hans Morten Strømmevold, Operations and Development • Strong local representation Rio, Bogota, Cairo

  25. Northern Oil ASA Conclusions

  26. Northern Oil ASA • Brazil • New discovery – major upside potential • Coral and Estrela-do-Mar developments: Dev. cost $3 (2)/bbl, Opex $7 (5)/bbl • Colombia • Substantial potential • Substantial risks • Egypt • Insignificant – contemplated disposed of

  27. Northern Oil ASA

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