"Aker Exploration is aggressively targeting the offshore market as an exploration company with a difference. Stock-exchange listing is an important, natural step in the further development of the company," says Aker Exploration President and CEO Bard Johansen.
Aker Exploration shares currently trade via the OTC list of the Norwegian Securities Dealers Association. The Oslo Stock Exchange is scheduled to process Aker Exploration's application in late November. The company has requested Oslo Axess listing as of mid-December 2007.
Aker Exploration currently has ownership interests in five licenses. The company's goal is to drill between five and seven wells annually, beginning in November 2008.
"We are focusing on northern parts of the Norwegian continental shelf where we expect the bulk of future hydrocarbon resource discoveries will be made. Four of our licenses are in the Norwegian Sea, in the vicinity of producing fields such as Asgard and Draugen," Johansen says.
Aker Exploration is pre-qualified as a rights owner on the Norwegian continental shelf, and has applied to Norway's Ministry of Petroleum and Energy to be pre-qualified as an operator. The company has a NOK 3.2 billion capital base. Aker Exploration has entered into a long-term drilling agreement with Aker Drilling for deployment of the world's largest and most advanced semi-submersible platform, Aker Barents, as of October 31, 2008. The company is conducting comprehensive electromagnetic Seabed Logging (SBL) and seismic surveys to select optimal drilling sites for discovering subsea hydrocarbon resources.
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