The Ministry of Oil and Minerals has selected the joint venture group comprised of DNO ASA (operator at 34%), TG Holdings Yemen Inc. (33%) and Ansan Wikfs (Hadramaut) Limited (33%) as the successful bidder for Block 84 in the Third International Bid Round for Exploration and Production of Hydrocarbons.
Block 84 encompasses 731 square kilometers (approximately 183,000 acres) and is located in the Masila Basin adjacent to the Canadian Nexen Masila Block where more than one billion barrels of oil have been discovered. The Block 84 Joint Venture Group plans to carry out a 3-D seismic acquisition program and the drilling of four exploration wells during the first exploration period of 42 months.
With the addition of Block 84, DNO will have interests in seven Blocks in the Republic of Yemen.
Helge Eide, DNO's Managing Directors comments:
"DNO is delighted by this new award which will further strengthen our position in Yemen.
Yemen is a core area to DNO and we have a very active exploration program in Yemen for 2007, where DNO plans to participate in 13 exploration wells of which 10 as Operator."
12 December 2006
Helge Eide, Managing Director Telephone: (+47) 23 23 84 80