Merger between Northern Oil (NO) and NaturGass (US) — Combined market cap of NOK 740 million

Carnegie acted as adviser to both Northern Oil and NaturGass in connection with the merger. Northern Oil is an OSE listed oil company with indirect ownership interest in the Coral, Estrela-do-Mar and Cavalo Marinho fields in Brazil. NaturGass is an upstream energy company focusing on natural gas drilling, production, gathering and transportation in western New York State and north western Pennsylvania, USA. February, 2005.