DNO has signed a Sales and Purchase Agreement ("SPA") with ExxonMobil Exploration and Production Norway AS to acquire the following license interests on the NCS:
PL 029B (incl. the Gere and Freke prospects): 20 per cent working interest to DNO.
PL 265 (incl. the Ragnarrock discovery): 25 per cent working interest to DNO.
PL 028B (incl. the Hanz discovery): 50 per cent working interest to DNO.
DNO to become the Operator subject to approval by the Management Committee of PL 028B.
PL 001B/242 (including the West Cable discovery
and West Cable North and Draupne prospects): 50 per cent working interest to DNO.
DNO to become the Operator subject to approval by the Management Committee of
DNO has also signed a SPA with Norske Shell to acquire 15 per cent working interest of PL 265 (including the Ragnarrock discovery, which increases DNO's working interest to 40 % in PL 265.
And finally, DNO has signed a SPA with ChevronTexaco Norge AS to acquire their 30 per cent working interest in PL263 - in Blocks 6507/10 and 6507/11.
The effective date of the transfers is 1st January 2005, and the transactions are subject to approval from the relevant Norwegian authorities and the Management Committees of the licenses.
Managing Director Helge Eide comments:
"DNO is very pleased to have secured this exciting portfolio of licenses on the NCS. The Company sees an interesting potential within the licenses both with respect to the existing discoveries and various prospects."
Following the above transactions DNO has expanded its license portfolio on the NCS to 13 licenses. This portfolio forms a solid basis for DNO to further grow its business on NCS in the years to come.