Dana Petroleum reported that the Norwegian Ministry of Petroleum and Energy has awarded Dana's wholly owned subsidiary, Dana Petroleum Norway AS ("Dana Norway") three new exploration licences on the Norwegian Continental Shelf ("NCS") in the APA 2007 licensing round. The new licences cover a total of seven blocks and part-blocks in both the North Sea and the Norwegian Sea. Dana Norway has been appointed as Operator for the licence in which it holds the largest working interest.
Consequently, Dana Norway has now built a significant portfolio offshore Norway. This includes a 45% stake in the producing Jotun Oil Field, operated by ExxonMobil, and interests in a total of 8 licenses on the NCS covering 16 blocks or part blocks.
Dana's Chief Executive, Tom Cross commented, "Dana entered Norway in mid 2007 and, in just a short time, we have built a valuable portfolio of assets and opportunities. Our first Norwegian well, late in 2007, resulted in two oil discoveries at Storskrymten and we now look forward to exploring the new licences we have just been awarded."
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