DNO Nabs 70% License Interest in PL 103B, 7% in Exxon's Jotun Field

Det norske oljeselskap ASA  has implemented the Sales and Purchase Agreement regarding the acquisition of a 70% interest in PL 103B from Lundin Norway AS, effective as of August 1, 2008.

Following this acquisition, Det norske holds a 7% interest in Jotun Unit, including the Jotun Field, which is operated by ExxonMobil. In 2006 and 2007 Jotun produced 12,349 and 9,639 barrels of oil equivalents per day, respectively.

As of December 31, 2007, the Operator's and the Norwegian Petroleum Directorate's estimated remaining reserves in the field at 17 million barrels of oil and 0.1 billion Sm3 of gas. 

The effective date of the agreement is January 1, 2008.