Offshore staff

Statoil ASA confirmed discovery of hydrocarbons in Valemon near Kvitebjørn field.

Well 34/11-5 S was drilled from the Kvitebjørn platform in 190 m of water to a total vertical depth of 4370 m below sea surface. Hydrocarbons were proven in Middle Jurassic sandstone.

The well will be plugged temporarily and the upper sections used as a sidetracked production well on the Kvitebjørn field

Valemon development evaluation continues.

Licensees in PL 193 are Statoil ASA (operator) 43.55 %,
Petoro AS 30%, Norsk Hydro Produksjon 15%, Enterprise Oil Norge AS 6.45%, and Total E&P Norge AS 5%.

6/15/06