Altinex Oil Awarded Two Licenses Offshore Norway

The Norwegian Ministry of Petroleum and Energy has granted Altinex Oil AS two production licenses covering both areas the company applied for in the APA 2005 Licensing Round.

Altinex Oil AS is granted 15% equity in PL 360 covering Blocks 16/8 & 9 and parts of Blocks 16/5 and 16/6. Statoil is operator of the license with 50 % ownership and partners are DONG Norge AS (20%) and Revus Energy AS (15%).

Altinex Oil AS is also granted 30% equity as a partner in PL 361 where Paladin Resources (Norway) Limited will be the operator with 40% equity and Revus Energy AS is a partner with 30% equity. PL 361 covers Block 17/5 and parts of Blocks 17/2, 3 and 6.

PL 361 is located in the northern part of the Egersund Basin and contains several interesting play types and prospects with attractive reserve potential and moderate risk. PL 360 targets a new play type in the Ling Graben and is therefore associated with higher exploration risk but also potential for discoveries with large reserves.

Altinex Oil AS is very pleased with the awards of these two licenses which represents a breakthrough in the company's efforts to build a high value portfolio on the Norwegian continental shelf including producing fields as well as attractive exploration opportunities.

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