Decision to relinquish Production License 441

This article originates from the news archive of Det norske.

29. February 2008

The partnership in Production License 441 has agreed to inform the Ministry of Petroleum and Energy that it has resolved to relinquish the license. The license was awarded on 15 June 2007.

The work commitment for the first year was to acquire electromagnetic data and, based on that and the general assessment of the prospectivity, decide to drop or acquire 250 km2 of 3D seismic. The commitment has been fulfilled and, based on the evaluation of the EM data and the mapped prospects, the partnership does not find the license sufficient commercially attractive for further data acquisition.

The license partners in PL 441 are Det norske (operator) with a 60% interest and Rocksource with 40%.

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. Last year (2007), the company drilled five exploration wells. Det norske’s scope of activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff of more than 100, and the strong growth rate is expected to continue in 2008. The company headquarters are located in Trondheim, with offices also in Oslo, Harstad, and Stavanger.

Det norske generated in 2007 operating revenues in the amount of MNOK 131 and an operating loss of MNOK 252.1. The loss after taxes was MNOK 62.9.

Det norske oljeselskap (“DETNOR”) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the stock value of the company amounted to NOK billion 3.5.