As a consequence of this agreement, Det norske (DNO) will increase its interest in production license PL460 by 12.5%, from 40% to 52.5%. This license is located next to PL364, which includes the Froy Field. DNO presented a plan for development and operation (PDO) for the Froy redevelopment to Norwegian authorities in March 2008.
The company said that it welcomes this opportunity to increase its ownership interest in an area with interesting exploration potential. Commercial discoveries may possibly be tied back to the new Froy installation.
As part of the license swap agreement, DNO will transfer 30% in its currently 100%-owned PL463S to Aker Exploration. After the transaction, DNO will hold 70% in this license. This is a stratigraphically divided license including everything above top chalk. Production license PL463S is located in an area northwest of Oseberg in the North Sea. A drilling decision for this license will be made during 2009.
According to the swap agreement, Aker Exploration will provide the semi-submersible drilling rig Aker Barents for drilling of one exploration well in PL460. This will increase the available rig capacity for DNO’s extensive exploration program. DNO is the operator of both PL 460 and PL 463S.
