Det Norske Sells Goliat Interest, Nabs Licenses in Jotun & Froy Areas

Goliat Field Map Offshore Norway
(Click to Enlarge)

Det norske has sold its 15 percent interest in Goliat (PL 229, as well as PL 229B and PL 229C) to StatoilHydro. This transaction will considerably strengthen Det norske's cash position and financial capacity.

The sales price is NOK 1.1 billion after taxes and has effect from January 1, 2008. StatoilHydro will take over all Det norske's obligations in the Goliat Field from this date. Hence, the total compensation will be close to 1.3 billion NOK.

Det norske has sold its interest in Goliat to further strengthen the Company's financial position and improve its ability to manage the responsibilities it plans to assume in own-operated licenses in the years to come.

Financing Growth

Erik Haugane, CEO of Det norske, commented, "We still have a strong belief in Goliat and deem this an advantageous project for the licensees and North Norway. We have participated actively in the planning of the future development and are confident that ENI, in cooperation with StatoilHydro, will succeed in developing this project further.

"However, Det norske has chosen to prioritize other projects, i.e., projects related to recovery of new petroleum resources. This transaction illustrates the value in Det norske's portfolio. Through this transaction, we have secured financing of all our plans until 2012 and enabling the Company to grasp new opportunities that may occur in today's market.

"In September, Det norske submitted a Plan for Development and Operation (PDO) for Froy. The Company has planned an extensive exploration campaign for 2009, including nine operated exploration wells, and participates in a total of 12-14 wells.

"We will continue to be the most aggressive company on the Norwegian Shelf. Not in the least with regard to our continued efforts in the Barents Sea, where we are applying for new licenses in the 20th Licensing Round."

License Swap

Det norske is strengthening its position in the Jotun and Froy areas by acquiring ownership in two licenses from StatoilHydro. Det norske will receive a 10 percent interest in PL 102, excluding the producing fields Skirne and Byggve. This license is located between Froy and Jotun. In addition, Det norske receives StatoilHydro's 57 percent interest in a carve-out area of PL 169, just south of Jotun.

In return, StatoilHydro will receive 10 percent in PL 265, where Det norske will keep a remaining interest of 20 percent.

The transaction is subject to approval from the Norwegian government.


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