DNO Acquires Stake in Norwegian Licenses from TFE

DNO, together with partners Marathon Oil and ConocoPhillips, has acquired interests in PL 088B and PL036C offshore Norway from TotalFinaElf. Three wells are planned to be drilled in PL 203/PL088B this year to verify and increase the reserve estimates in the area. The partnership, in which Marathon is the operator, aims to prepare a plan for development and operation during the year. The acquisition is also part of the DNO's wish for a balanced ownership distribution in the area with a view to development and operation.

DNO takes over 15 percent in PL 088B and 6.8 percent in PL 036C. Thus DNO will hold almost 15 percent in the attractive area and increase its reserves and resources from approximately 20 million barrels to over 35 million barrels of oil equivalent. This presupposes that Norwegian authorities approve the actual acquisition and the transfer from the existing licenses in PL 088 and PL 036, respectively.