- CEO Erik Haugane

- CFO Finn Øistein Nordam

1

Det norske’s Q4 AND YEAR-END 2008 PRESENTATION

1

Ticker on OSE: ”DETNOR”

Disclaimer

2

All presentations and their appendices (hereinafter referred to as “Investor Presentations”) published on www.detnor.no have been prepared by Det norske oljeselskap ASA (“Det norske oljeselskap ” or the “Company”) exclusively for information purposes. The presentations have not been reviewed or registered with any public authority or stock exchange. Recipients of these presentations may not reproduce, redistribute or pass on, in whole or in part, these presentations to any other person. The distribution of these presentations and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession these presentations may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses these presentations and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. These presentations do not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom is unlawful to make such an offer or solicitation in such jurisdiction.

[IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THESE PRESENTATIONS ARE STRICTLY CONFIDENTIAL AND ARE BEING FURNISHED SOLELY IN RELIANCE UPON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF THE COMPANY HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN THE COMPANY WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, ONLY TO QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, WILL BE REQUIRED TO MAKE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT SELLERS OF THE NEW SHARES MAY BE RELYING ON THE EXEMPTIONS FROM THE PROVISIONS OF SECTIONS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A.NONE OF THE COMPANY’S SHARES HAVE BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF.IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS AND THEIR CONTENTS ARE CONFIDENTIAL AND THEIR DISTRIBUTION (WHICH TERM SHALL INCLUDE ANY FORM OF COMMUNICATION) IS RESTRICTED PURSUANT TO SECTION 21 (RESTRICTIONS ON FINANCIAL PROMOTION) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005. IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS ARE ONLY DIRECTED AT, AND MAY ONLY BE DISTRIBUTED TO, PERSONS WHO FALL WITHIN THE MEANING OF ARTICLE 19 (INVESTMENT PROFESSIONALS) AND 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 OR WHO ARE PERSONS TO WHOM THE PRESENTATIONS MAY OTHERWISE LAWFULLY BE DISTRIBUTED.]The contents of these presentations are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal business, investment and tax advice.

There may have been changes in matters which affect the Company subsequent to the date of these presentations. Neither the issue nor delivery of these presentations shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in these presentations.These presentations include and are based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness or such information and statements.An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in these presentations, including, among others, risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in these documents.

Agenda

Recent Events

Development Projects

Financials

Exploration Update

Outlook and Summary

Appendix

3

Det norske – Since Third Quarter

APA 2008 – Det norske awarded 7 licenses (5 operatorships)

Fulla-discovery - Appraisal well planned this spring

Freke spudded on February 7, Ragnarrock Graben to be spudded shortly

10-year license extension for PL 364 granted (Frøy Field)

Operations have been carried out without any serious HSE incidents

Received about MNOK 1 900 in proceeds from Goliat and Yme sales

Applied for acreage in the 20th licensing round (Norwegian Sea and the Barents Sea)

Q4 result:

– Revenue of MNOK 363.9

– Exploration expenditures MNOK 238.6

– Total write downs MNOK 400.4

– After tax profit MNOK 235.6

Extraordinary Shareholder meeting: five new board members, including chairman

4

Highest Ever Oil Production in Q4

5

Bopd

Four Core Areas

6

Norwegian Sea:

Midgard

Njord – Draugen

North Sea:

Jotun – Draupne – Frøy

Varg

With existing infrastructure

Possibility for low cost developments

Higher probability of success

APA 2008 – Strengthening Core Areas

7

PL 504 in Jotun core area

PL 500 and PL 502 in

Draupne core area

North Sea – Jotun/DraupneNorwegian Sea

432B

512

PL 432B in Åsgard core area

PL 512 in Njord – Draugen

core area

Fulla Discovery – Sidetrack Planned this Spring

8

License ownership (PL 362)

– StatoilHydro (O) 30 percent

– Svenska Petr. 25 percent

– Det norske 15 percent

– Dana 10 percent

Discovered 6 to 19 MBOE of

gas/condensate

Sidetrack to test Upper Brent Group

planned for in April/May

Located 40 km north of Heimdal

Freke Spudded, North of Sleipner

9

License ownership

– ExxonMobil (O) 30 percent

– StatoilHydro 50 percent

– Det norske 20 percent

Spudded: February 7, 2009

Dagny/Ermintrude

Freke

Unrisked volumes (P90 – P10) 35 – 230 MBOE

Det norske estimates that about app. 20% of

Ermintrude is within PL 029B (15-20 MBOE)

Det norske is drilling the well on behalf of

operator ExxonMobil.

Agenda

10

Recent Events

Development Projects

Financials

Exploration Update

Outlook and Summary

Appendix

11

High Activity in the Draupne Area

11

Contingent Gross Resources (MBO):

Many development options

– Draupne/Hanz stand-alone

– Tie-back to Gudrun, Grane or Balder

– Joint development with Luno, etc.

Proposed appraisal well

Target: First oil 2013

Discovery PL 001B Low – Mid - High

Draupne (O) (35%)* 29 – 54 – 62

Hanz (O) (35%)* 5 – 9 – 12

Total 34 – 63 – 74

Luno** 65 – 115 - 190

Total 99 – 178 - 264

*Only oil, no free or associated gas

**Lundin Petroleum estimate

PL 001BDet norske (O)Draupne appr.

2010

PL 265STL (O)

Ragnarrock Graben - 2009

PL 336Lundin (O)

Luno app. 2008

PL 029BExxonMobil (O)

Freke 2009

10-Year extension for the Frøy-license (PL 364) Time to improve project economics

12

25 km radius from Frøy Field

Looking for partners

Cost reduction project

Drilling campaign to find more volumes

2009 exploration drilling

David in PL 102 to be drilled later this year

Øst Frigg Gamma Delta appraisal in PL 442

Storklakken in PL 460

Det norske holds equity in five of the licenses

surrounding Frøy, of which three include oil

discoveries

Cost overview – from idea to PDO

13

Ragnarrock

Fulla

Draupne

FrøyStorskrymten

V a l u e c r e a t i o n

MNOK Spent, 100% - pre tax

Dry Well Thorkildsen

Dry Well Trow

Prospects

prepared

for drilling

100% - since jan 2005, or from later awards

Dry

Well

Agenda

14

Recent Events

Development Projects

Financials

Exploration Update

Outlook and Summary

Appendix

Profit & Loss Q4 2008

15

MNOK Q4 2008 Q4 2007

Operating revenues 363.9 55.6

Exploration expenses 238.6 122.8

Production cost 44.3 9.8

Depreciation 32.8 17.5

Write-downs 400.4 0

Operating profit/EBIT -361.4 -112.2

Net financial items 132.6 -4.5

Pre-tax profit -228.8 -116.7

Tax cost -464.4 -97.3

Net profit 235.6 -19.4

Not audited

Exploration Expenses Q4 2008

16

MNOK Q4 2008 Q4 2007

Seismic, well data, field studies, etc. 18.8 18.6

Exploration expenses from license participation 85.8 24.8

Expensed capitalized expl. wells in previous years 124.91) 33

Expensed dry wells this year 0.2 63.1

OPEX reclassified as exploration expenses 8.2 7.9

Research and development 0.7 8.3

Exploration expenses 238.6 122.8

1) Storskrymten has been expensed as volumes proven so far are considered non-commercial as a stand alone discovery

17

Prudent write-downs due to low oil prices

400

50

24

252

225

Deferred tax

326

264

205

338

Net Write-downsGoodwill

33

Licensens

49

289

Producing assets

Glitne

NOIL

Jotun

NOIL

Varg

Jotun

NOIL

Jotun

Varg

(All Figures in MNOK)

Balance Sheet 31.12 2008

18

Assets (MNOK) Q4 2008 Q4 2007

Fixed assets 2 727.0 4 972.6

Goodwill 864.3 1 671.6

Capitalised exploration expenditures 251.5 517.9

Other intangible assets 1 264.6 2 423.3

Property, plant and equipment 298.1 354.7

Long-term receivable (prepayment) 48.5 5.2

Current assets 2 498.3 1 453.7

Inventories 14.7 2.6

Trade receivables 583.5 128.2

Other receivables 200.5 119.7

Short-term deposits 17.4 0

Calculated tax receivable 214.0 618.0

Cash / cash equivalents 1 468.3 585.1

Total assets 5 225.3 6 426.3

Not audited

Balance Sheet 31.12 2008 (Cont.)

19

Equity and Liabilities (MNOK) Q4 2008 Q4 2007

Equity 3 758.1 3 563.3

Provisions 1 043.5 2 266.1

Pension obligations 16.2 8.1

Deferred taxes 847.6 2 166.5

Abandonment provision 134.6 81.3

Deferred revenues 45.1 10.4

Current liabilities 423.7 596.9

Short-term loan 0 128.6

Trade creditors 94.3 112.8

Taxes withheld and public duties payable 12.2 12.0

Other current liabilities 317.2 343.4

TOTAL LIABILITIES 1 467.2 2 863.0

Total equity and liabilities 5 225.3 6 426.3

Not audited

Cash Flow – Key Figures Q4 (MNOK)

20

1 468

327

Sale of licenses

495

Repayment of

loan

1 490

327

Investments Cash end of

period

Net cash from

operating

activities

473

Cash start of

period

*

*Does not include Yme-payment MNOK 546 received on January 20, 2009

Sale of Goliat and Yme

21

587

298

190

100

Changes in

deferred taxes

Total P&L

effect

Interest

income

Revenues

P&L Effects

Key balance sheet

effects

– Reduced balance

sheet total

– Goodwill, intangeble

assets and capitalised

exploration expenses

converted to cash

– Increased equity ratio

Agenda

22

Recent Events

Development Projects

Financials

Exploration Update

Outlook and Summary

Appendix

2009 Drilling schedule

23

Q4

2008 2009 2010

Q1 Q2 Q3 Q4 Q1 Rig

17.02.09

PL 362 Fulla (STL) Partner

PL 029 Freke 20% B.Dolphin

PL 265 Graben (STL) 20% Partner

Aker Barents

Aker Barents53%

25%PL 321 Geitfjellet

B.Dolphin35%PL 027B Eitri/Phi

Partner20%

PL 460 Storklakken

Partner10%PL 102 David

PL 383 Struten 55% Deep Sea Delta

PL 380 Fongen 70% Deep Sea Delta

PL 356 Ryvingen 100% Mærsk Guardian

PL 027D Jetta 35%

15%

PL 332 Optimus (Talisman) 40% Partner

PL 476 Frusalen 40% Deep Sea Delta

Drilling operation

PL 442 Frigg GD (STL)

Partner30%PL 038 Grevling (Talisman)

DETNOR %

B.Dolphin

Det norske operated

Partner operated

Luno increases the possibility of oil in Graben

Objective is to find Luno analogue reservoirs.

Unrisked estimate (P90 – P10) : 50 -125 MBOE

StatoilHydro is drilling the well with West Epsilon.

Ragnarrock Graben – A Key Well in the Area

24

License ownership (PL 265)

– STL (O) 40 percent

– Petoro 30 percent

– Det norske 20 percent

– Talisman 10 percent

Spud: February 2009

Luno Graben

Grevling – Det norske has increased its stake to 30%

25

Primary reservoirs are in the Triassic, the

middle Jurassic Hugin and Sleipner Fm.

Primary risks: maturity of source and migration

Grevling (PL 038) (Det norske 30 percent)

– Unrisked resources (P90-P10) 10 – 80 MBO

– Planned drilled in Q1 2009

– Proximity to Varg would yield early production

– Operated by Talisman

15/12-21 GREVLING

Jotun B

15/12-1

15/12-10 S

15/12-11

15/12-14

15/12-15

15/12-2

15/12-3

15/12-4

15/12-5

15/12-6 S

15/12-7 S

15/12-8

15/12-9 S

15/2-1

15/3-1 S

15/3-215/3-2 R

15/3-3

15/3-4

15/3-5

15/3-6

15/3-7

15/5-1

15/5-2

15/5-3

15/5-4

15/5-5

15/5-6

15/6-1 X15/6-215/6-2 R

15/6-3

15/6-4

15/6-5

15/6-6

15/6-7

15/6-8 A15/6-8 S

15/8-1

15/9-1 T2

15/9-10

15/9-11

15/9-12 R

15/9-13

15/9-14

15/9-15

15/9-16

15/9-17

15/9-18

15/9-19 A15/9-19 SR

15/9-2

15/9-20 S

15/9-21 S

15/9-3

15/9-4

15/9-5

15/9-6

15/9-7 15/9-8

15/9-9

16/1-1

16/1-2

16/1-3

16/1-4

16/1-516/1-5 A

16/10-1

16/10-2

16/10-3

16/10-416/11-1 S16/11-1 ST3

16/11-2

16/2-1

16/2-2

16/3-1 X16/3-2

16/3-3

16/4-1

16/4-2

16/4-3

16/5-1

16/6-1

16/7-1

16/7-2

16/7-3

16/7-4

16/7-5

16/7-6

16/7-7 S16/7-7 ST2

16/8-1

16/8-2

16/9-1

17/10-1

17/11-1

17/11-2

17/12-117/12-1 R

17/12-2

17/12-3

17/3-1

17/4-1

17/9-1

17/9-1 R

18/10-1 18/11-1

24/12-124/12-1 R

24/12-224/12-2 T2

24/12-3 S

24/12-4

24/6-1

24/6-2

24/9-1

24/9-3

24/9-4

24/9-524/9-6

25/1-1

25/1-10

25/1-4

25/1-6

25/1-7

25/1-9

25/10-1

25/10-225/10-2 R25/10-2 RT225/10-2 RT3

25/10-3

25/10-4

25/10-5

25/10-6 S

25/10-7 S

25/10-825/10-8 A

25/11-1

25/11-10

25/11-11

25/11-12

25/11-1325/11-14 S25/11-14 ST2

25/11-15

25/11-16

25/11-17

25/11-18

25/11-19 S25/11-19 SR

25/11-2

25/11-20

25/11-21 AT225/11-21 S 25/11-22

25/11-23

25/11-3

25/11-4

25/11-5

25/11-6

25/11-7

25/11-8

25/11-9

25/12-1

25/2-1

25/2-10 S

25/2-11 T2

25/2-1225/2-12 A25/2-12 AT2

25/2-1325/2-13 T4

25/2-14

25/2-15 R2

25/2-16 S

25/2-2

25/2-3

25/2-4

25/2-625/2-6 T2

25/2-7

25/2-8

25/2-9

25/3-1

25/4-1

25/4-2

25/4-3

25/4-4

25/4-525/4-5 T2

25/4-6 S25/4-6 ST2

25/5-125/5-1 A

25/5-225/5-2 T225/5-2 T3

25/5-5

25/5-A-1

25/6-1

25/6-2

25/6-3

25/7-1 S

25/7-2

25/7-3

25/7-4 S

25/7-5

25/7-6

25/8-1

25/8-10 ST2

25/8-11

25/8-12 A

25/8-13

25/8-16S

25/8-2

25/8-3

25/8-4

25/8-5 S

25/8-6 T225/8-7

25/8-8 A25/8-8 B25/8-8 S

25/8-925/8-9 A

25/9-1

25/9-2 S

26/4-1

Well 1

Well 1Well 2

460000 462000 464000 466000 468000 470000 472000 474000

6574000

6576000

6578000

6580000

6582000

6584000

6586000

6588000

6590000

6592000

6594000

6596000

0 1000 2000 3000 4000 5000m

Ringhorne

PL027D

PL027D

Dn 35%

Dn 35%

Eitri

Iving

PL 103

Dn 70%

JOTUN

PL027B

Dn 7%

Jetta

Dn 57%

Dn 58.5%

Brandhaug

Paleocene.

Upper Jurassic

Statfjord Fm.

Jotun – Det norske has 50% of Upside

26

PL169

0

10

20

30

40

50

60

Jotun Area Prospects (MBOE)

Eitri (PL 027D) (Det norske 35 percent)

– Estimated resources 40 MBO

– To be drilled following ongoing well on Freke

– Proximity to Jotun would yield early production

Jetta (PL 027D/169/504) (Det norske 49 percent)

– Prospect located close to Jotun wellhead platform

– Estimated resources 30 - 70 MBO

– Low-cost production

– ExxonMobil supported by Det norske plans to drill

later this year

PL 504

Unrisked

Risked

Exploration Next 6 Months

27

Prospects Interest

UnriskedMBOE (P90) 100% BASIS

UnriskedMBOE (P10) 100% BASIS Operator

PL 029B Freke 20 % 35 230 ExxonM/Det norske

PL 265 Graben 20% 50 125 StatoilHydro

PL 038 Grevling 30% 10 80 Talisman Energy

PL 27D Eitri and Phi 35 % 25 120 ExxonM/Det norske

PL 362 Fulla 15 % Discovery Appraisal StatoilHydro

PL 102 David 10 % 15 125 Total

Total (excluding Fulla) 160 625

The following rigs will operate for Det norske in 2009:

• “Bredford Dolphin”

• “Deepsea Delta”

• “Aker Barents”

• “Mærsk Guardian”

0

50

100

150

200

250

300

2009 2010

Prognosed discoveries

Historical discoveries

Resource Development in Det norske

28

Ne

t riske

d r

eso

urc

es to

De

t n

ors

ke

(M

BO

E)

Summary & Outlook

The company is now embarking on the largest independent exploration campaign ever– Four different rigs engaged

– 15 prospects prepared for drilling this year only, and well planning in good progress

– Positive feedback from safety audits from PSA

– Discovery in first well in 2009 - Fulla

– Two wells ongoing, Freke and Ragnarrock Graben

– 13 to follow this year, including two close to the Jotun field

Financial Robustness– Long-term engagements for significant production in five years

– 2 billon NOK in cash and tax receivable

– No debt to be refinanced

– Production at low cost (33 USD/bbl during 2008) makes Det norske less vulnerable to the present low oil prices

Frøy PDO has been submitted and a 10 year license extension has been granted– Project execution delayed due to low oil price and project financing challenges for contractor

Focus on core areas where significant production is within reach in near future

The 20th Round expected to give Det norske a new foothold in the Barents Sea– A competitive Barents Team established in the Harstad office

29

Agenda

30

Recent Events

Development Projects

Financials

Exploration Update

Outlook and Summary

Appendix

2009 Prospect Overview

31

2009 Interest %Net Risked mean resources

DETNOR (Mill. barrels) Operator

PL 29B Freke 20% 10.9 ExxonM/Det norske

PL 265 Ragnarrock Graben 20% 3.4 StatoilHyrdo

PL 038 Grevling 30 % 2.9 Talisman

PL 442 Frigg gamma 20% Appraisal StatoilHydro

PL 027D Eitri 35 % 5.0 ExxonM/Det norske

PL 362 Fulla 15% Appraisal StatoilHydro

PL 321 Geitfjellet 25 % 6.7 Det norske

PL 102 David 10% 1.4 Total

PL 460 Storklakken 52.5% 9.5 Det norske

PL 383 Struten 55 % 16.8 Det norske

PL 380 Fongen 70 % 11.8 Det norske

PL 356 Ryvingen 100% 15.9 Det norske

PL 027D Jetta 35 % 7.4 ExxonM/Det norske

PL 332 Optimus 40 % 3.4 Talisman

PL 476 Frusalen 40 % 6.1 Det norske

Total (Excluding appraisal wells) 101.9

2010 Prospect Overview

32

2010 Interest %Risked resources

DETNOR (Mill. barrels) Operator

PL 001B Draupne (Appraisal) 35% Appraisal Det norske

PL 483S Trolla 40 % 14.1 Det norske

PL 341 Stirby 30 % 37 Det norske

PL 321 Hoåsen 25 % 7.2 Det norske

PL 337 Storskrymten Heimdal 45 % 7.4 Det norske

PL 482 Røy 65 % 6.2 Det norske

PL 432 Nebba 100 % 39.6 Det norske

Total 111.5

20th Round awards may be on drilling schedule in 2010