Norway: Det Norske Sells 20 pct Stake in PL 554 and PL 554 B to Svenska Petroleum Exploration

 

Det norske has sold a 20 percent interest in production licenses 554 and 554B to Svenska Petroleum Exploration, reducing its interest from 40 to 20 percent.

As consideration, Svenska Petroleum Exploration will carry part of the expenses related to the first exploration well to be drilled in either PL 554 or PL 554B.

The North Sea licenses are located due east of the Snorre field and were awarded in the APA 2009 and APA 2010 licensing rounds. The agreement includes the Garantiana prospect, scheduled for drilling in 2012.

This transaction should be seen as part of Det norske’s continuous work to diversify and optimize its exploration portfolio. Following the transaction, Bridge as operator will hold 60 percent, while partners Det norske and Svenska will hold 20 percent each. Final agreement is subject to government approval.

About Det norske:

Det norske is the second-largest operating company on the Norwegian Continental Shelf both considering number of operatorships, exploration- and drilling activity. The aggressive exploration program is the largest an independent Norwegian company has ever conducted on the NCS. Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities. Det norske will in 2011 participate in over 10 drilling operations as partner or as operator.

Det norske currently employs a staff of around 200. The company`s registered office is located in Trondheim. The company also has offices in Oslo, Harstad, and Stavanger. Det norske is listed on the Oslo Stock Exchange (DETNOR).

 

Source:Det Norske , April 7, 2011;

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