Det norske oljeselskap ASA entered into a license swap agreement with Dana Petroleum Norway AS, whereby Det norske increases its license interest in Production License 027D by 10%. This license comprises the exploration prospect Eitri. After Det norske has drilled an exploration well on Eitri, Det norske's license interest will amount to 35% of the license.
Det norske has committed to drill Eitri with the rig Bredford Dolphin in the first available slot following the drilling of the Freke prospect in PL 029B. Drilling of the Eitri well is scheduled to commence at the turn of the year. Det norske shall also secure a rig for an additional drilling of a well in PL 027D during 2009. This is subject to approval by the license partners in this license operated by ExxonMobil.
In return, Dana Petroleum receives a 10% interest in PL 362 and PL 035 (Fulla), which brings Det norske's license interest down to 15%. StatoilHydro is the operator of these licenses. Dana also receives a 25% interest in Storebjorn (PL 450), operated by Det norske, thus reducing Det norske's interest from 100 to 75%.
The agreement is conditional upon approval by the license partners in the various licenses and by the authorities.
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