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Det Norske Oljeselskap Buys 10% Stake In Barents Sea License

03/19/2012 | 03:14am US/Eastern

Norwegian oil company Det Norske Oljeselskap ASA (DETNOR.OS) said Monday it has acquired a 10% interest in Production License (PL) 531 from RWE Dea Norge AS.

 
   MAIN FACTS: 

-The first exploration well in the license is planned drilled in the fourth quarter this year, or during the first quarter of next year.

-The well will be drilled with the Transocean Barents drilling facility.

-Repsol Exploration Norge AS is the operator, holding a 20% interest. The other licensees are Talisman Energy Norge AS (25%), Concedo ASA (20%), RWE Dea Norge AS (15%), and Marathon Oil Norge AS (10%).

-This acquisition is part of Det norske's continuous strategy of diversifying and optimizing its exploration portfolio. The purchase agreement is subject to approval by the Norwegian authorities.

-Shares closed Friday at NOK92.75.

-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; dominic.chopping@dowjones.com

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