Det Norske Ups Ante at Jotun Field

Det norske has acquired a 13 percent ownership interest in production licenses 027D and 169C from Exploration and Production Norway AS ("ExxonMobil").

These licenses are located south of the Jotun field where recently oil was discovered in wells, 25/8-17 and 25-8-17A. The parties have also sought the approval of the Ministry of Petroleum and Energy of a transfer of operatoship for license 027D to Det norske, subject to approval by the management committee of license 027D. With the completion of the transfer, Det norske will be operator around the Jotun Field. The transaction is subject to approval by the Ministry of Finance and the Ministry of Petroleum and Energy.

Det norske is heading a project on behalf of PL 027D, 169C and 504, with the ambition to see if it is possible to commercialize the Jetta discovery and possibly other prospects in area, via the Jotun installations. If successful, this could also have a positive effect on the long term profitability of the Jotun field.

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