Det norske oljeselskap ASA's operating revenues were NOK 79.5 million in the first quarter of 2008, compared with NOK 29.4 million for the corresponding quarter in 2007. Loss before taxes was NOK 44.8 (10.2) million. Production during the quarter totaled 156 886 barrels of oil compared with 74,576 in the first quarter of 2007.
Det norske consolidated its position as the second largest operator enterprise on the Norwegian Shelf when it was awarded 12 new licenses in the APA 2007. The award increased Det norske's potential, risked resources by 150 million barrels. With this allocation Det norske holds a total of 46 licenses and is the operator of 24. Thirty-four of the licenses are located in the North Sea, eight licenses in the Norwegian Sea and four licenses in the Barents Sea. This position forms the basis for continued growth and a great degree of freedom of action.
On March 31, Det norske submitted a Plan for Development and Operation for Froy. This was the first time in 12 years that this kind of plan was submitted by an independent Norwegian oil company. The Froy Field is expected to produce 35,000 barrels of oil per day from 2012.
By the end of February, Det norske as the operator commenced drilling at Draupne. Drilling was performed with the Bredford Dolphin. Oil and gas were encountered in 43 meter thick sandstone discharging hydrocarbons, but oil-water contact has not yet been detected. Det norske estimates that technically recoverable resources of between 25 and 30 million barrels oil equivalents have been established at Draupne. Most of it is oil, but the field could hold upward of 65 million barrels. Draupne will, in any case, be an important field in a future area field center, which includes the discoveries Hanz and West Cable. Draupne represents the third exploration well operated by Det norske and, with this, Det norske has made discoveries in two of its three exploration wells so far.
In the first quarter, Det norske acquired a 70 percent stake in License 103B from Lundin Norge. The license constitutes 10 percent of the Jotun Unit, which means that Det norske will hold a 7 percent ownership interest (about 500 barrels oil equivalents per day) of the Jotun production. Det norske has swapped shares of exploration licenses in the Norwegian Sea with Concedo and will intensify its efforts to balance its portfolio among exploration, development and production.
On March 3, Det norske launched its new logo and graphic profile. With its new logo, the Company is emphazing that its everyday name is Det norske. The colorful symbol underscores its position as an oil company that challenges.
Det norske is considering sale or swap of shares in discoveries or prospects that will increase the concentration on existing prospects in the portfolio, projects with large ownership holdings of which the company is operator.
Det norske will concentrate on value creation of exploration prospects and field developments for which the operatorship status is decisive in order to bring the resources into production.
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