Conoco Sells Jotun Field Interest

Conoco has agreed to sell its 3.75 percent share of the producing Jotun field to DNO, increasing DNO's share of the field to 7 percent. The Jotun field is operated by ExxonMobil and started production in 1999. It was developed with a floating production ship and a wellhead jacket and oil is offshore loaded. Conoco's net production from Jotun is approximately 2,600 barrels per day.

"This sale is part of our strategy of focusing on our core assets on the Norwegian Shelf. It contributes towards Conoco's corporate goal of portfolio restructuring following the acquisition of Gulf Canada," said Tina Langtry, president and managing director Norske Conoco.

The agreement is effective January 1, 2002 and is subject to approvals from the Norwegian authorities.