New licence interests for DNO in the PL 203 area

Together with Marathon and ConocoPhillips, Det Norske Oljeselskap AS (a wholly-owned subsidiary of DNO ASA)  has acquired interests in  PL 088B and PL036C from TotalFinaElf. Three wells are planned to be drilled in
PL 203/PL088B this year to verify and increase the reserve estimates in the area. The partnership of which  Marathon is the operator, aims to prepare a plan for development and operation (PDO) during the year. The acquisition is also part of the companies' wish for a balanced ownership distribution in the area with a view to development and operation.
DNO takes over 15 per cent in PL 088B and 6.8 per cent in PL 036C. Thus DNO will hold almost 15 per cent in the attractive area and increase its reserves and resources from approximately 20 million barrels to over 35 million barrels of oil equivalent. This presupposes that Norwegian authorities approve the actual acquisition and the transfer from the existing licences in  PL 088 and PL 036, respectively.