Table of Contents Table of Contents 2 List of Tables 3 List of Figures 3 Company Snapshot 5 Key Information 5 Company Overview 5 Key Valuation Metrics, 2011-2015 6 VNG Norge AS, Production and Reserves Trends 7 Total Oil and Gas, Reserves and Production 7 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 7 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 8 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 10 Crude Oil/Liquids Production and Reserve 11 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 11 Crude Oil Production and Reserves By Country/Region, 2011-2015 12 Crude Oil/Liquids Reserve Changes, 2011-2015 13 Natural Gas Production and Reserve 14 Natural Gas Production and Reserve Trend, 2011-2015 14 Natural Gas Production and Reserves, By Country/Region, 2011-2015 15 Natural Gas Reserve Changes, 2011-2015 16 Total Crude Oil and Natural Gas Reserves Life Index 17 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 17 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 18 VNG Norge AS, E&P Costs Trends 19 Allocation of the Upstream Capital Expenditure 19 Upstream Capital Expenditure, 2011-2015 19 Exploration and Development Costs, By Country/Region, 2011-2015 20 VNG Norge AS, Results of Oil & Gas Operations Trend 22 Oil and Gas Revenue and Expenses 22 Oil and Gas Revenue and Expenses, 2011-2015 22 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 23 Oil and Gas Revenue and Expenses, Per boe 28 Oil and Gas Revenue and Expenses, By boe, 2011-2015 28 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 29 Oil and Gas Performance Metrics 33 Recent Developments 34 VNG Norge AS - Recent Developments 34 Aug 16, 2016: Faroe Petroleum begins drilling at Njord North Flank-2 exploration well in Norwegian Sea 34 Jul 26, 2016: NPD: Drilling Permit For Well 6407/7-9 S In Production Licence 107 C 34 Jun 23, 2016: Cegal Awarded Contract With VNG Norge 34 May 03, 2016: DNV GL-led project gives green light for wind-powered oil recovery 35 Apr 14, 2016: NPD: Drilling Permit For Well 16/1-26 A In Production Licence 001 B 36 Mar 16, 2016: VNG Norge: Frame Agreement For Pil & Bue Owner’s Engineering Services 36 Mar 10, 2016: NPD: Drilling Permit For Well 16/1-26 S In Production Licence 001 B 36 Jan 20, 2016: Lundin Petroleum Announces Lorry Exploration Well Completed As C Dry Well 37 Jan 19, 2016: Government Of Norway: Considerable Interest In Further Exploration Of The Norwegian Continental Shelf 37 Jan 06, 2016: Faroe Petroleum Updated Independent Technical Report 38 Appendix 40 Methodology 40 Coverage 40 Secondary Research 40 Primary Research 40 Data Information Sources 41 Company Source 41 SEC/Other Regulatory Filings 41 Other Sources 41 Expert Panel Validation 41 Data Definition 41 Oil and Gas Reserves 41 Units of Measure 42 About GlobalData 42 Disclosure 42 Disclaimer 42

List of Tables Table 1: VNG Norge AS, Key Facts 5 Table 2: VNG Norge AS, Key Valuation Metrics, 2011-2015 6 Table 3: VNG Norge AS, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 7 Table 4: VNG Norge AS, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 9 Table 5: VNG Norge AS, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 10 Table 6: VNG Norge AS, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 11 Table 7: VNG Norge AS, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 12 Table 8: VNG Norge AS, Crude Oil Reserve Changes, mmbbl, 2011-2015 13 Table 9: VNG Norge AS, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 14 Table 10: VNG Norge AS, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 15 Table 11: VNG Norge AS, Natural Gas Reserve Changes, bcf, 2011-2015 16 Table 12: VNG Norge AS, Oil and Gas Reserves Life Index, Years, 2011-2015 17 Table 13: VNG Norge AS, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 18 Table 14: VNG Norge AS, Upstream Capital Expenditure, US$ mil, 2011-2015 19 Table 15: VNG Norge AS, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 21 Table 16: VNG Norge AS, Revenue and Expenses, US$ mil, 2011-2015 22 Table 17: VNG Norge AS, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 27 Table 18: VNG Norge AS, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 28 Table 19: VNG Norge AS, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 32 Table 20: VNG Norge AS, Oil and Gas Performance Metrics, 2011-2015 33 List of Figures Figure 1: VNG Norge AS, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 7 Figure 2: VNG Norge AS, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 8 Figure 3: VNG Norge AS, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 8 Figure 4: VNG Norge AS, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 10 Figure 5: VNG Norge AS, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 11 Figure 6: VNG Norge AS, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 12 Figure 7: VNG Norge AS, Crude Oil Reserve Changes, mmbbl, 2015 13 Figure 8: VNG Norge AS, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 14 Figure 9: VNG Norge AS, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 15 Figure 10: VNG Norge AS, Natural Gas Reserve Changes, bcf, 2015 16 Figure 11: VNG Norge AS, Oil and Gas Reserves Life Index, Years, 2011-2015 17 Figure 12: VNG Norge AS, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 18 Figure 13: VNG Norge AS, Upstream Capital Expenditure, US$ mil, 2011-2015 19 Figure 14: VNG Norge AS, Development Costs, By Country/Region, US$ mil, 2011-2015 20 Figure 15: VNG Norge AS, Exploration Costs, By Country/Region, US$ mil, 2011-2015 20 Figure 16: VNG Norge AS, Revenue and Expenses, US$ mil, 2011-2015 22 Figure 17: VNG Norge AS, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 23 Figure 18: VNG Norge AS, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 23 Figure 19: VNG Norge AS, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 24 Figure 20: VNG Norge AS, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 24 Figure 21: VNG Norge AS, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 25 Figure 22: VNG Norge AS, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 25 Figure 23: VNG Norge AS, Production Costs, By Country/Region, US$ mil, 2011-2015 26 Figure 24: VNG Norge AS, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 26 Figure 25: VNG Norge AS, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 28 Figure 26: VNG Norge AS, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 29 Figure 27: VNG Norge AS, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 29 Figure 28: VNG Norge AS, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 30 Figure 29: VNG Norge AS, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 30 Figure 30: VNG Norge AS, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 31 Figure 31: VNG Norge AS, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 31 Figure 32: VNG Norge AS, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 32 Figure 33: VNG Norge AS, Oil and Gas Performance Metrics, 2011-2015 33