DONG Increases Stakes in Hejre Licenses

DONG Energy has increased its stake of the Hejre license by 10% to a total of 60%. DONG Energy has acquired the 10% stake from Bayerngas Norge AS (Bayerngas) for USD 48 million, equivalent to approximately DKK 230 million. The transaction also included the acquisition of an 8% stake in the Hejre Extension

License partner Petro-Canada Denmark GmbH has chosen to sell the company's Danish E&P licenses to Bayerngas, and it is a part of these, which DONG Energy has now acquired from Bayerngas. The acquisition will increase DONG Energy's stakes in the Hejre and Hejre Extension licenses to 60% and 48%, respectively.

DONG Energy is the operator of the Hejre license, where a discovery was made in  2001. The license partners are in the process of preparing a plan for the development of the field. The plan is expected to be appraised in 2009.

"The acquisition consolidates our presence in an area, where we are operator and thereby strengthens our position further on the Danish continental shelf," said Poul Munk Andersen, Senior Vice President of DONG Energy.

The remaining Hejre license partners are Bayerngas, holding 15%, and StatoilHydro, holding 25%. In the Hejre Extension license the remaining partners are Bayerngas with a 12% stake and the Danish North Sea Fund and StatoilHydro, holding 20% each. DONG Energy is the operator of both licenses.

The acquisition is subject to approval by authorities and partners.