Aker Exploration Snaps Up Stake in NCS License from Chevron

Norwegian Continental Shelf
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Aker Exploration has reached agreement with Chevron Norge to acquire their 12.5 percent share in license 283 -- a license potentially holding several interesting prospects in a prospective exploration region on the Norwegian Continental Shelf (NCS).

“We are strengthening our position further in the Vøring Basin, representing an exciting opportunity in a license with good potential," said Bård Johansen, President and CEO of Aker Exploration.

License 283 will be partly relinquished to the Norwegian authorities on June 14th this year. The partnership will retain an area constituting several potentially interesting prospects. The committed work program for the license has been completed to date.

The deal with Chevron Norge constitutes that Aker Exploration will acquire their 12,5 percent share in PL 283 and following the transaction, will hold a 25 percent interest in the license.

"The license prospectivity may be influenced by a potential discovery in the nearby Gro prospect, which is currently drilled by Shell. Aker Exploration has a particular focus towards such attractive areas in the northern parts of the NCS. If license 283 proves sufficient attractiveness , this may open the possibility of the rig Aker Barents to drill the next exploration well," said Johansen.

The license partners in license 283 are Statoil (30 percent and operator), ConocoPhillips (15 percent), Petoro (20 percent), Centrica (10 percent) and Aker Exploration (25 percent).

The agreement which involves a cash settlement to Chevron Norge, is subject to final approval by the Norwegian authorities.

Aker Exploration has interests in 21 licenses on the NCS, and will in June participate in the drilling of an exploration well on license 304 with the rig Songa Dee. Following this well, Aker Exploration commence a 3 year continuous drilling program with the rig Aker Barents, focusing on exploration areas in the northern North Sea, the Norwegian Sea and the Barents Sea.

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