Corporate Presentation – Pareto Securities’ Oil & Offshore Conference 2008

This article originates from the news archive of Det norske.

10. September 2008

Det norske oljeselskap ASA will hold a presentation on Pareto Securities’ Oil & Offshore Conference 2008 today. Click here to download the presentation.



 

This
presentation includes an update of the company’s activities, including the
following:

The company
is currently considering selling the entire or parts of its interest in Goliat
as well as other solutions, possibly entailing a swap against interests in
producing fields or carrying costs, or a combination of these. The company has established
and made a data room available to invited parties, and thus far almost 20
participants have availed themselves of this opportunity. Det norske expects to
receive offers for Goliat during October, and a decision may be expected  around the turn of the year 2008/2009. As part
of the company’s assessment of future financing, Det norske will also evaluate
a potential sale of its interest (10 percent) in Yme.

Discussions
between the Frøy license partners are still in progress, and Det norske
considers the chances of reaching an agreement to be good. Commercial terms
between the partners constitute the key element in these discussions, and the
company will also consider reducing its interest in Frøy (from the present 50
percent) subsequent to Plan for Development and Operation (PDO) approval.

The last
production well on Varg (A08) has been a success. Production from this well
started this week at approximately 13,000 barrels per day, which has increased
the field’s total production to more than 23,000 barrels per day. This entails
an increased production of approximately 650 barrels per day for Det norske’s 5
percent interest.

Media Relations Contacts:




  • Erik Haugane, CEO, tel. +47 90 72 16 55
  • Finn Øistein Nordam, CFO, tel. +47 98 28 93 82
  • Torgeir Anda, Head of Corporate Communication, tel. +47 99 11 22 03

 

About Det norske:

Det norske is the second-largest operating company on the Norwegian
Continental Shelf with 24 operatorships and interests in a total of 46
licenses. In 2008, the company will participate in the drilling of eight to
nine exploration wells, whereof three as operator. Det norske’s scope of
activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff
of more than 120, and the strong growth rate continues. The company`s registered office
is located in Trondheim. Headquarter functions are divided between Oslo and Trondheim.
The company also has offices in Harstad and Stavanger.

Det norske emerged as a result of
the combination between Pertra and DNO`s Norwegian operations.