Det norske Reduces Jette Share

Det norske oljeselskap ASA has come to an agreement with Petoro as regards a share transfer on Jette. The agreement implies that Det norske holds a 70 percent share in the Jette Unit, while Petoro holds 30 percent.

Given the new agreement, Det norske reduces its share from 88 to 70 percent, in accordance with the company's previously stated intentions. The agreement is effective as of January 1, 2012 and requires the authorities' approval.

The drilling of production wells on Jette has already commenced. First oil from Jette is expected during first quarter next year. Jette is one of the smallest oil fields in the North Sea. Based on a 30 percent recovery rate, Jette is estimated to contain around 14 million barrels of oil equivalents. The field is expected to produce 14 000 barrels a day the first year.

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