Det Norske, Talisman Swap Interests in North Sea Asset Exchange

Det norske and Talisman Energy Norge have entered anagreement about exchange of assets.

Det norske has increased the company's interest from five to 30 percent in Production License 038. This asset includes the Grevling prospect that has a planned exploration well at the end of February. Talisman receives 10 percent in License 490 (Snurrevad), and 20 percent in License 491 (Hymir), from Det norske. The result is that Det norske will have 10 percent in PL490 and 20 percent in PL491. In addition to the swap, Det norske will carry some costs for drilling the Grevling well. The exchange is dependent on governmental approval.

Grevling is expected to include between 10 and 80 million bboe. Grevling is located less than 20 kilometers north of Varg, and a possible discovery is expected to be tied in to Varg.