1

Wintershall Norge

WINTERSHALL NORGE

AMBITIOUS COMPANY

Wintershall Norge is a fast- growing oil and gas company on the Norwegian Continental Shelf with high ambitions. We are part of Wintershall - Germany‘s largest international oil and gas producer. Wintershall is a subsidiary of BASF - The Chemical Company.

CONTENTIntroduction . . . . . . . . . . . . . . . . . . . 4

Strong team .. . . . . . . . . . . . . . . . . . 6

History of growth . . . . . . . . . . . . . . . 8

Our operated developments . . . . . 10

Our production . . . . . . . . . . . . . . . 12

Solid partnerships . . . . . . . . . . . . . 14

Our responsibility . . . . . . . . . . . . . . 16

Culture and values . . . . . . . . . . . . . 18

4

Rainer Seele Chairman of the Board of Executive Directors of

Wintershall Holding GmbH

The North Sea is one of our traditional core regions. Since we be-gan operations there in 1965, we have become one of the largest producers of crude oil and natural gas in the southern North Sea. When it comes to expanding our core regions, we believe that the North Sea offers one of the best potentials for growth. Norway’s natural resources are making a significant contribution towards strengthening our portfolio. Today, we are already one of the largest license holders on the Norwegian Continental Shelf and are investing up to 50 percent of our exploration budget here.

To further boost our operations in the North Sea, we have acquired interests in three producing fields of Statoil. With the Brage production platform, we have taken on the operatorship of our first facility on the Norwegian Continental Shelf. This has resulted in an increase in oil and gas production in Norway from 3,000 to almost 40,000 barrels of oil equivalent (BOE) a day; we aim to produce 50,000 BOE a day by 2015.

We also cooperate with Statoil on the Norwegian Continental Shelf on important future-oriented topics such as joint research to increase the oil recovery rate (EOR). At the moment, Wintershall and BASF are conducting research in Germany into the Schizophyllan biopolymer, which could enhance oil production.

For the own-operated Maria field in the Norwegian Sea, Wintershall in cooperation with the other license partners has decided on a preferred development solution. In addition to the Maria discovery, Wintershall evaluates the development of Skarfjell discovered in the North Sea.

The fact that we actually move the barrels from discovery to pro-duction demonstrates our long-term approach and emphasizes the sustainability of our work.

With our strong, experienced and highly motivated team we will continue to make things happen in the future.

INTRODUCTION

Bernd Schrimpf Managing Director of Wintershall Norge AS

5

Bernd Schrimpf Managing Director of Wintershall Norge AS

With more than 80 years of experience in the international oil and gas business, Wintershall knows how to build success.

A STRONG TEAMWITH A CLEAR GOAL

A strong team steers a course towards a promising future. Wintershall Norge plans to become one of Norway’s leading operators. With our exploration licenses, development pipeline and portfolio of producing assets, we are ideally placed to achieve our goal.

We are planning the development of our own discovery Maria and evaluating the development options for Skarfjell. And with around half of Wintershall’s global exploration budget earmarked for Norway, we see great potential for making even more discoveries. In 2013, we became the operator of a major production platform in Norway for the first time. We now steer the complete operated upstream lifecycle from exploration, through development and production.

Building on the success of our creative and entrepreneurial colleagues, Wintershall Norge is plotting a course towards a clear goal: growth.

6

OUR AMBITIONS ARE TO:

Wintershall now steers the complete operated upstream lifecycle from exploration and drilling, through development and production.

• Produce 50 000 BOE per day by the end of 2015 from our portfolio in Norway

• Maintain a strong development and exploration portfolio for further growth

• Operate own development projects

• Have a strong in house expertise in exploration, drilling, field development, production operations and business development

• Maintain a value driven organisation

• Maintain a strong HSE record, according to Wintershall corporate targets

• Be recognised as one of the leading operators on the NCS

7

8

HISTORY OF GROWTH

Our history in Norway has been characterised by a string of yearly license awards making us today one of the country’s largest exploration license holders. In the years since our arrival, we have made several significant discoveries incuding Skarfjell and Maria.

An asset swap deal signed with Statoil in 2012 paved the way for us to become a production operator. In 2013, with our acquisition of stakes in the Brage, Vega and Gjøa fields complete, our daily production rose from 3 000 BOE per day to around 40 000 barrels.

Taking over the operatorship of Brage represented a step change for the company. We now cover the full upstream, E&P value chain with expertise in business development, exploration, drilling, development and production.

Since Wintershall first came to Norway in 2006, the company has significantly changed into a thriving business in the oil capital Stavanger. In October 2008, we purchased the Norwegian exploration company Revus Energy and moved our operation to the heart of the Norwegian oil and gas industry. Since then, we have taken our exploration success and added expertise in development and production. We now cover the full upstream, E&P value chain.

MILESTONES

2006 Foundation of Wintershall Norge AS

2008 Aquisition of Revus Energy ASA

2009 Wintershall opens new main office in Stavanger

2010 Maria discovery

2012 Skarfjell discovery and asset swap with Statoil

2013 Takeover of operatorship on Brage and opening

of Bergen office

2016 New main office to open in Stavanger

Wintershall Norge has around 50 licenses on the Norwegian Continental Shelf, operating about half of them.

9

10

OUR OPERATED DEVELOPMENTS

The own-operated discoveries Maria and Skarfjell are both the result of using new exploration techniques to uncover hidden gems in mature areas on the Norwegian Continental Shelf.

Maria was discovered on the Haltenbanken area of the Norwegian Sea in 2010. An ap-praisal well two years later confirmed the upper limits of our estimated volumes. In 2013, Wintershall in cooperation with the other licence partners decided on a preferred devel-opment solution. The concept is to connect the reservoir to the already existing, closely located infrastructure via a subsea tie-back using cutting edge engineering to tie two new templates to the Tyrihans field and three existing platforms in the area.

Skarfjell in the northeastern North Sea is an oil field with a gas cap and significant oil reserves. Like Maria, Skarfjell is in an area with an already existing infrastructure meaning it could be developed as a standalone structure or tied back to another platform.

Location: Blocks 35/9-7 and 35/9-8 in the Northeastern North Sea.

Discovered: 2012

Development: Skarfjell could be developed in a number of different ways. In an area rich with infrastructure and ripe with commercial discoveries, it could proceed as a tie in to existing fields or as a standalone development.

HIGHLIGHT ON SKARFJELL

skar�ell

Wintershall Norge 35%

Bayerngas Norge 20%

Capricorn Norge 20%

Edison International Norway Branch 15%

RWE Dea Norge 10%

OIL + GAS

11

Location: Blocks 6406/3, 6407/ and 6507/10 in the Haltenbanken Area in the Norwegian Sea.

Discovered: 2010

Development: The preferred development solution is to connect the reservoir to the already existing, closely located infrastructure via a subsea tie-back. The Maria field would be connected via two templates (produc-tion stations) on the sea floor to Statoil’s already producing platforms Kristin, Heidrun and Åsgard B.

HIGHLIGHT ON MARIA maria

Wintershall Norge 50%

Centrica Resources (Norge) 20%

Petoro 30%

OIL + GAS

12

OUR PRODUCTION

With Brage we became operator of a production platform for the first time in Norway. To take over operatorship in under one year was a huge challenge. Together with Statoil and our partners we successfully achieved the integration process in time.

The Statoil deal not only included Brage but also stakes in the producing fields Gjøa and Vega. Along with our share of Veslefrikk, we are now producing around 40 000 BOE per day. This makes us a large producer on the Norwegian Continental Shelf.

Becoming a field operator was a step change for Wintershall Norge. We have welcomed the challenges and responsibilities and we are now pushing onto the next phase. Brage has been producing hydrocarbons since 1993. Our goal is to carry on producing for many years to come.

We see possibilities for new wells, technically innovative approaches to engineering, cutting edge enhanced oil recovery techniques or poten-tially even brand new templates in the difficult-to-reach northern part of the field. Whichever way we, and our partners, approach the future of the field, we know there is a lot to come.

HIGHLIGHT ON BRAGE

Location: Blocks 30/6, 31/4 and 31/7 in the northern part of the North Sea.

Discovered: 1980

Development: Brage has been developed with a fixed integrated production, drilling and accommodation facility with a steel jacket.

First oil: 1993

Lifetime extension: Until 2030

* Wintershall Norge 35.20 %

* The share increase to 35.20% is subject to approval by authorities. (August 2014)

Faroe Petroleum Norge 14.26 % Core Energy

12.26%

VNG Norge 4.44 %

Talisman EnergyNorge 33.84 %

OIL + GAS

13

The Brage field is located east of Oseberg, in the northern part of the North Sea.

14

SOLID PARTNER SHIPS

Wintershall’s goal is to operate as many of our assets as possible. At the same time, we will always believe in being a responsible partner. Our broad portfolio spans the length of the Norwegian coast and includes non-operated shares in exploration, development and production assets.

As one of the largest exploration license holders on the Norwegian Continental Shelf, we share our expertise with a broad range of partners searching for hydrocarbons in Norwegian waters. We are also non-operating partners in the Norwegian development Astero, Edvard Grieg and Knarr. Each is at a different stage of their journey towards producing oil and gas from Norway’s shelf.

After signing an asset swap agreement with Statoil, our production portfolio added non-operated shares in Gjøaand Vega. Wintershall also cooperates with Statoil on the Norwegian Continental Shelf on important future- oriented topics such as joint research to increase the oil recovery rate (EOR). At the moment, Wintershall and BASF are conducting research in Germany into the Schizophyllan biopolymer, which could enhance oil production.

“Wintershall Norge will always seek to maintain its position as an oil and gas partner of choice on the Norwegian Continental Shelf.”

Bernd Schrimpf, Managing Director

15

Statoil’s Vice President of Operations Øystein Håland (left) with Bernd Schrimpf, Managing Director of Wintershall Norge, after agreeing on the Brage takeover.

16

OUR RESPONSIBILITY

Wintershall Norge is focused on being a responsible and ethical operator. We are unwavering in our commitment to health, safety and the environment. Our responsibilities extend beyond our own operation and supply chain. We want to continue to be a positive force in Norwegian society for a long time to come.

The health and safety of our colleagues is our highest priority wherever we operate in the world. Nothing could ever be so important that we would neglect the health of our staff, the principles of safety at work or environmental protection.

As a production operator in Norway, we have important responsibilities and varied challenges. Whatever the challenges, our method remains the same: We seek to achieve our goal of zero harm to people, the environment and our assets by putting HSEQ and risk mitigation at the centre of everything we do. We make things happen – “The Right Way”.

17

Wintershall Norge invests in the best technology so that we get the cleanest and most efficient production of oil and gas.

18

CULTURE AND VALUES

In Wintershall Norge We Make Things Happen. That’s why we recruit the best staff who share our ambitions and values. We invest in our employees and allow them to flourish. Wintershall believes that achieving our ambitious goals means being Creative, Open, Responsible and Entrepreneurial.

At Wintershall these are more than just words. We make things happen by putting these values at the heart of everything we do. We believe in recognising performance, providing feedback, matching professional ambition with personal objectives, and providing a stimulating environment guided by our values.

Our highly motivated and experienced colleagues believe in taking responsibility for their continuous personal development, sharing their experiences in an open environment and respecting and motivating their colleagues. To achieve our goal of becoming one of the leading oil and gas companies in Norway, we need to continue to attract and retain the best people in the industry.

We are building a new main office in Stavanger with the planned opening in 2016.

19

Dus auta vides ilit reriam quia evel molorrum voluptia voluptat et

es ut omnisi destia imos corem quunt maximil laborrum auda

WE MAKE THINGS HAPPEN

RESPONSIBLE FOR THE CONTENTWintershall Norge AS

Contact us if you want to discover more about our company, need additional information, or have questions about Wintershall.

Tel.: + 47 51 82 24 00Fax: + 47 51 91 06 11info@wintershall.no

Wintershall Norge AS Postboks 230, sentrum 4001 Stavanger, Norwaywww.wintershall.no

Also on:

Pho

tos:

Hel

ge

Han

sen,

Mo

rten

Ber

ents

en