The agreement with Talisman Energy Norway is another important demonstration that we are a petroleum and exploration company with a difference, says Aker Exploration's President and CEO Bard Johansen.
Under the agreement, Aker Exploration will provide an advanced drilling rig and cover Talisman Energy Norway's drilling expenses in exchange for fifty percent of Talisman's 40-percent ownership interest in the license. Aker Exploration already holds a 15 percent license stake. This new agreement makes Aker Exploration the largest PL 321 owner, holding 35 percent of the license.
The other PL 321 license partners are Pertra (25 percent) and Hydro (20 percent). The license covers three blocks located west of Froya in the Norwegian Sea, between the Ormen Lange and Njord fields. 3D seismic surveys of the area were acquired in 2006. Further processing and interpretation of survey data will continue until a final drilling decision is made.
Aker Exploration has been pre-qualified as a licensee on the Norwegian continental shelf, and has submitted an application to the Norwegian authorities for prequalification as an operator. Aker Exploration is well financed, with a NOK 3.2 billion capital base. The company has entered into a long-term drilling contract with Aker Drilling for deployment of the world's most advanced drilling rig, beginning October 31, 2008. Aker Exploration is targeting a listing on Oslo Axess at Oslo Stock Exchange during the second half of 2007.
We have built a solid foundation for our aggressive targeting of attractive field licenses, says Mr. Johansen.
Aker Exploration is targeting prospects in the northern regions of the North Sea, the Norwegian Sea, and the Barents Sea. The company has implemented comprehensive surveys to identify subsea hydrocarbon resources using both electromagnetic and seismic survey data.
Through innovative use of technology, Aker Exploration will increase the likelihood of finding new oil and gas reserves, says Johansen.
The transaction with Talisman Energy Norway is subject to approval by Norwegian regulatory authorities.
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