Det Norske, E.ON Swap Offshore Norway Assets

Norwegian independent Det norske oljeselskap announced Thursday that it has signed an agreement with E.ON E&P Norge to swap two exploration licenses and a cash payment in return for an increased interest in the Ivar Aasen deposit, offshore Norway.

Upon completion of the transaction E.ON will received a 15-percent interest in Norwegian production license 613 in the Barents Sea and a 10-percent interest in PL676S in the North Sea, while Det norske will see its share in PL457 (which contains the Ivar Aasen deposit) increase from 20 percent to 40 percent. Det norske's shares in PL613 and PL676S will decrease to 20 percent and 10 percent respectively.

PL457 is located adjacent to and to the east of license 001B on the Utsira High in the North Sea. PL001B (in which Det norske holds a 35-percent interest) contains much of the Ivar Aasen deposit, while it was established in 2012 that Ivar Aasen extends into PL457.

Det norske added that unitization discussions between the Ivar Aasen partners and the PL457 license partners are ongoing, with these discussions expected to conclude within days.



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