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Det Norske Farms Out 10% in PL 522 to Centrica

Source: www.gulfoilandgas.com 3/14/2011, Location: Europe

Det norske oljeselskap ASA has agreed to divest 10 percent in PL 522, blocks 6604/2, 3, 4, 5 & 6, to Centrica Resources Norge AS. Det norske is reducing its interest from 20 percent to 10 percent.

This Norwegian Sea license is operated by BG and includes the Gullris prospect located at 1300 meters water depth. Drilling operations on Gullris are scheduled to commence shortly, with the semi submersible drilling rig Aker Barents. The well is planned drilled to at total depth of 3500 meters.

Gullris is located between the Gro- and Asterix discoveries.

The PL 522 transaction is subject to approval by Norwegian authorities. Effective date is January 1st 2011.

CEO Erik Haugane says that this transaction is a part of Det norskes strategy.

- We recently bought an interest in a Barents Sea license (PL 438 with the Skalle-prospect). We will still hold a ten percent interest in this prospective license, and this confirms our belief in the Norwegian Sea deepwater exploration potential.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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