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Prospectus 271412 271412 Prospectus www.signatur.no 271412 271412 www.signatur.no Aker Exploration ASA (A public limited liability company organised under the laws of the Kingdom of Norway) Org.number 989 795 848 www.akerexploration.com Offering of up to 500,000 existing Shares offered by Aker Capital AS to the public in Norway and Eligible Employees of the Company Offer Price: NOK 56 per Offer Share Subscription Period: From and including 4 December to and including 13 December 2007 at 14.00 (CET) Listing on Oslo Axess of Aker Exploration’s Shares Listing on Oslo Børs of 6 per cent Aker Exploration ASA Subordinated Unsecured Convertible Bond Issue 2006/2011 ISIN 0010346117 Aker Exploration ASA Carnegie ASA Manager: Fjordalleen 16 Phone: +47 24 13 00 00 Stranden 1 Phone: +47 22 00 93 00 P.O. Box 1423 - Vika Fax: +47 24 13 01 06 P.O. Box 684 – Sentrum Fax: +47 22 00 94 00 NO-0115 Oslo www.akerexploration.com 0106 Oslo www.carnegie.no Norway Norway 3 December 2007 PROSPECTUS – AKER EXPLORATION IMPORTANT INFORMATION This Prospectus has been prepared by Aker Exploration ASA (hereinafter referred to as “Aker Exploration” or the “Company”, unless the context otherwise requires) in connection with (i) the offering (the “Offering”) of up to 500,000 shares in Aker Exploration (ii) an application for listing on Oslo Axess of its shares (the “Shares”) and the introduction to listing on Oslo Børs of the 6 per cent subordinated unsecured convertible bond issue 2006/2011 ISIN NO 0010346117 (the “Bonds”). The Prospectus has been prepared to comply with the Norwegian Securities Trading Act and has been reviewed and approved by Oslo Børs pursuant to section 7-7 and 7-8 of the Securities Trading Act. The information contained herein is as of the date hereof. There may occur changes in matters affecting the Company subsequent to the date of this Prospectus. Any new material information that might have an effect on the assessment of the Shares or the Bonds arising after the publication of this Prospectus and before the listing, will be published as a supplement to this Prospectus in accordance with applicable regulations in Norway, cf. section 7-15 of the Securities Trading Act. The delivery of this Prospectus shall under no circumstances create any implication that the information contained herein is complete or correct as of any time subsequent to the date hereof. All inquiries relating to this Prospectus or the matters addressed herein should be directed to the Company or the Manager. No other persons have been authorised to disclose or disseminate information about this Prospectus or about the matters addressed in this Prospectus. If given, such information may not be relied upon as having been authorised by the Company. The distribution of this Prospectus and the Offering may be restricted by law in certain jurisdictions. No action has been or will be taken in any jurisdiction other than Norway by the Manager, the Selling Shareholder or the Company that would permit an offering of the Offer Shares, or the possession or distribution of any documents relating thereto, in any jurisdiction where specific action for that purpose is required. Accordingly, this Prospectus may not be used for the purpose of, and does not constitute, an offer to sell or issue, or a solicitation of an offer to buy or subscribe for, any securities in any jurisdictions in any circumstances in which such offer or solicitation is not lawful or authorised. Persons into whose possession this Prospectus may come are required by the Company, the Selling Shareholder and the Manager to inform themselves about and to observe such restrictions. The Offer Shares are only being offered to the public in Norway and to Eligible Employees of the Company who may lawfully receive this Prospectus. See further section 4.20 “Selling Restrictions”. The Shares and the Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under any of the relevant securities laws of any state or other jurisdiction of the United States. Neither the U.S. Securities and Exchange Commission nor any U.S. states securities commission has approved the Shares or the Bonds or determined if this document is accurate or complete. This Prospectus does not constitute an offer to buy, subscribe or sell the Bonds described herein. This Prospectus serves as a listing prospectus for the Bonds as required by applicable laws and no Bonds are being offered or sold pursuant to this Prospectus. See section 2 “Risk Factors” of this Prospectus for a discussion of certain risk factors that prospective investors should consider before investing in the Shares. The contents of this Prospectus are not to be construed as legal, business or tax advice. Each prospective investor should consult with its own legal, business or tax adviser as to legal, business and tax advice. This Prospectus shall be governed by Norwegian law, and any disputes relating to this Prospectus or the Offering are subject to the sole jurisdiction of Norwegian courts, with Oslo District Court as legal venue in the first instance. 1 PROSPECTUS – AKER EXPLORATION TABLE OF CONTENTS IMPORTANT INFORMATION.......................................................................................................................... 1 1. SUMMARY........................................................................................................................................... 5 1.1 INTRODUCTION TO AKER EXPLORATION ..............................................................................................................................5 1.2 THE SUBORDINATED UNSECURED CONVERTIBLE BOND ISSUE .....................................................................................5 1.3 PURPOSE AND BACKGROUND OF THE LISTING AND THE OFFERING OF THE SHARES.............................................5 1.4 PURPOSE AND BACKGROUND OF THE LISTING OF THE BONDS ......................................................................................6 1.5 THE LISTING OF THE SHARES AND CONDITIONS FOR COMPLETING THE OFFERING................................................6 1.6 THE LISTING OF THE BONDS ......................................................................................................................................................6 1.7 SUMMARY OF RISK FACTORS ....................................................................................................................................................6 1.8 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES.....................................................................................................8 1.9 SUMMARY OF OPERATING AND FINANCIAL INFORMATION............................................................................................9 1.10 SUMMARY OF CAPITALISATION AND INDEBTEDNESS.....................................................................................................10 1.11 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.................................................................................11 1.12 ADVISORS ......................................................................................................................................................................................11 1.13 SUMMARY OF THE OFFERING..................................................................................................................................................11 1.14 ADDITIONAL INFORMATION ....................................................................................................................................................13 2. RISK FACTORS ................................................................................................................................ 15 2.1 GENERAL........................................................................................................................................................................................15 2.2 OPERATIONAL AND COMMERCIAL RISKS............................................................................................................................15 2.3 POLITICAL, REGULATORY, INDUSTRY AND MARKET RISK............................................................................................17 2.4 FINANCIAL RISK...........................................................................................................................................................................18 2.5 RISK RELATED TO THE BONDS ................................................................................................................................................20 2.6 OTHER RISKS.................................................................................................................................................................................20 3. IMPORTANT INFORMATION....................................................................................................... 23 3.1 RESPONSIBILITY FOR THE PROSPECTUS ..............................................................................................................................23 3.2 FORWARD LOOKING STATEMENTS........................................................................................................................................23 3.3 CONFIRMATION REGARDING SOURCES................................................................................................................................23 4. THE LISTING AND THE OFFERING OF SHARES...................................................................
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