Petroleum company Det norske oljeselskap has entered into a license swap agreement with Dana Petroleum Norway, pursuant to which Det norske will increase its license interest in PL 027D by 10%.
This license comprises the exploration prospect Eitri. Following Det norske oljeselskap’s (DNO) drilling of an exploration well on Eitri, its license interest will amount to 35% of the license.
DNO has committed to drill Eitri with the Bredford Dolphin rig 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 end of 2008.
DNO is expected to secure a rig for the additional drilling of a well in PL 027D during 2009. This is subject to approval by the license partners. The license is operated by ExxonMobil.
In return, Dana Petroleum will receive a 10% interest in PL 362 and PL 035, which brings DNO’s license interest down to 15%. StatoilHydro is the operator of these licenses. Dana also receives a 25% interest in PL 450, operated by DNO, thus reducing DNO’s interest from 100% to 75%.
The agreement is conditional upon approval by the license partners in the various licenses and by respective authorities.