Det norske strengthens position around the Jotun field

This article originates from the news archive of Det norske.

23. June 2008

Det norske oljeselskap ASA has entered into a license swap agreement with Dana Petroleum Norway AS, whereby Det norske increases its license interest in Production License 027D by 10 percent. This license comprises the exploration prospect Eitri. After Det norske has drilled an exploration well on Eitri, Det norske’s license interest will amount to 35 percent of the license.

Det norske has committed to drill Eitri with the rig Bredford Dolphin in the first available slot following the drilling of the Freke prospect in PL 029B. Drilling of the Eitri well is scheduled to commence at the turn of the year. Det norske shall also secure a rig for an additional drilling of a well in PL 027D during 2009. This is subject to approval by the license partners in this license operated by ExxonMobil.

In return, Dana Petroleum receives a 10 percent interest in PL 362 and PL 035 (Fulla), which brings Det norske’s license interest down to 15 percent. StatoilHydro is the operator of these licenses. Dana also receives a 25 percent interest in Storebjørn (PL 450), operated by Det norske, thus reducing Det norske’s interest from 100 to 75 percent.

The agreement is conditional upon approval by the license partners in the various
licenses and by the authorities.

About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 23 operatorships and interests in a total of 44 licenses. In 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`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 oljeselskap (`DETNOR`) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the market capitalization of the company amounted to NOK 3.5 billion.