New licence interest to DNO

Det Norske Oljeselskap AS ("DNO"), a wholly-owned subsidiary of DNO ASA, together with Marathon has acquired interests in PL150 from Enterprise / Shell. The licence is located near PL 203, and a discovery (Grieg) has previously been made in the licence of which the resources are assumed to be some 20 to 35 million barrels.  The Marathon-operated partnership is now planning drilling activity in the licence in 2004.  DNO has acquired a 35 per cent interest in the licence, and the transaction is pending the approval of the Norwegian authorities. See enclosed figure.
 
In its previous notice 1224 to OSE  on 11 February 2003, DNO announced that the company had acquired a 20 per cent interest in  PL 167 (block 16/1) of which Statoil is operator and holds 80 per cent of the interests. Statoil has announced the spudding of an exploration well in this licence on its website. Reference is made to this website for additional information.