DNO Finalizes Operationship of Thistle

DNO completed arrangements on January 1, 2003 with BP and Conoco to acquire Operatorship and a 99 percent interest in the Thistle and Deveron Fields in UKCS Block 211/18. In addition, DNO is acquiring various levels of interest in the Northern North Sea oil and gas pipeline infrastructure sufficient to transport some 15,000 barrels of oil per day to the Sullom Voe Terminal.

The Effective Date of the transaction is 1st May 2002. The impact of the arrangements is to increase DNO's net UK production to around 10,000 barrels of oil per day and raises the company's UK Proven and Probable Reserves by some 20 million barrels of oil.