DNO Sells Production License Shares Off Norway to VG Norge

Det norske oljeselskap has signed an agreement with VNG Norge, a subsidiary of the German VNG Group - Verbundnetz Gas AG, for sale of shares in three production licenses off mid-Norway.

Det norske is the Operator and carries a large ownership interest in all three licenses. This transaction confirms the value creation potential in the early exploration phase and the sale is part of Det norske's continuous work to optimize its exploration portfolio.

VNG Norge will acquire a 30 percent interest in each of the exploration prospects Fongen (PL 380) and Struten (PL 383). In these licenses, the partnerships have agreed to drill one exploration well, planned for next year. As compensation, VNG will carry 30 percent of Det norske's drilling cost related to the two wells.

Det norske has also sold a 20 percent interest in the Litjormen prospect (PL 447) to VNG, reducing Det norske's ownership from 50 to 30 percent. PL 447 was awarded in June 2007. The license has acquired 3D seismic, but no firm decision to drill any exploration well in this license has yet been made.

All transactions are effective from January 1, 2008. The agreement is subject to approval by the Norwegian authorities.
 

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