DNO License Swap on NCS

PL 143CS contains the Hummer Prospect, and a well on this prospect is planned to be drilled with the Jack-Up Mærsk Giant, with estimated spud date early December 2005.

The transaction is subject to approval by the Norwegian authorities.

The other J/V Partners in PL 143CS are:

Paladin Resources: 45 % and Operator

British Gas: 20 %

Helge Eide, DNO's Managing Director comments: "This transaction is in line with the company's continuous portfolio management and optimization. We are particularly pleased with the opportunity to participate in drilling at this promising NCS prospect already this year."