Still ambitious

This article originates from the news archive of Det norske.

12. April 2010

“Det norske will continue to be the most ambitious Company on the Norwegian continental shelf” says CEO Erik Haugane.

Det norske is right now participating in four exploration wells in the North Sea, two of these as operator.

Det norske had a very active year in 2009, and the high level of activity continues in 2010. As it looks now, Det norske will be a part of at least every fifth exploration well on the Norwegian continental shelf.

– We believe in the Norwegian shelf. We did several good discoveries last year. We are now in an exciting period where we will get answers about new targets, says Erik Haugane.

Erik Haugane

Erik Haugane

Det norske is currently involved in four ongoing exploration wells in the North Sea, two of these as partner and two as operator. Results from these wells can be expected in the near future.

In April drilling of “Storkollen” will commence. Det norske will then operate three wells simultaneously.

Talisman Energy has as operator of production license 038D started drilling the appraisal well (15/12-23) at the “Grevling” discovery, less than one year after the discovery was made in 2009. The goal is to identify the oil-water contact, and to get a more secure estimate of recoverable resources. Det norske has a 30 percent interest in the license.

Talisman Energy is the operator of production license 332, southeast of the Gyda-field. Here, drilling of one exploration well started on the Optimus prospect. This well was originally planned for drilling in Q3 of this year, but has been hasten on. Det norske has a 40 percent interest in the license.

Draupne and Storklakken

Det norske is operator on the licenses with the prospects Draupne and Storklakken. The drilling rig Aker Barents is now anchored on the drilling location in production license 460 on the Storklakken prospect. The top hole was drilled this winter, and the drilling now continues from there. Det norske has a 100 percent interest in this license.

The drilling rig Songa Delta is still working with the appraisal well on Draupne (16/1-11) in license 001B. A production test will be carried through, and the license has also decided a sidetrack to try to prove the oil-water contact. Det norske has a 35 percent interest in the license.

Renewed plan for Frøy

Erik Haugane also emphasizes excitement on the commercial discoveries Det norske is working on. During the year the company will produce a renewed plan for Frøy.

Depending on the final results of Draupne, the ambition is to promote a Plan for Development and Operation (PDO) for Draupne and Hanz in 2011. These developments can provide the Det norske with production of about 30,000 barrels.

– Together with our exploration activities, we can build a resource base that will bring us up to 50,000 barrels during the decade.

As a company we are in a new challenging phase. The phase will also challenge the supplier industry, and has to be especially exciting for our investors.

About Det norske:
Det norske oljeselskap ASA has interests in a total of 77 licenses, with 37 operatorships. Det norske is the second-largest operating company on the Norwegian Continental Shelf both considering number of operatotships and exploration activity. I 2009 the company operated nine exploration wells, and the high activity will continue in 2010. Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities.

Det norske currently employs a staff of 180. 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).