2 new operatorships on the Norwegian shelf for DNO

Det Norske Oljeselskap AS ("DNO"), a wholly-owned subsidiary of DNO ASA, has been approved as operator of PL 148 (part of blocks 7/4 and 7/7)  and PL 006C. The company, previously a partner in the licences, has preliminarily taken over 100 %  in both licences.
 
Oil has been discovered in both licences; the 7/7-discovery and the SE-Tor field. Based on current underground understanding and engineering/economic conditions, the commercial potential of the discoveries is uncertain. DNO will now re-evaluate the commercial potential, using among other things improved seismic data through application of new methods. Alternative development concepts will also be studied.
 
DNO`s evaluations which will be carried out in 2003, will form the basis for a decision on further development of the projects. As work on the licences in 2003 will mainly consist of various studies and analyses, costs will be limited.
 
DNO was approved as operator on the Norwegian shelf in July 2002 in connection with the transfer of the 37.5 per cent interest in PL 103B from Norske Conoco AS. PL 103B covers part of the Jotun field. DNO now has a 70 per cent interest in PL 103B, while the remaining 30 per cent is held by Petoro. This gives the two companies a 7 per cent and a 3 per cent interest, respectively, in the Jotun field.