Det norske increases Frøy interest

Det norske oljeselskap ASA has entered into a license swap agreement with Aker Exploration for production licenses 460 and 463S in the North Sea.

Offshore staff

TRONDHEIM, Norway -- Det norske oljeselskap ASA has entered into a license swap agreement with Aker Exploration for production licenses 460 and 463S in the North Sea.

Det norske will increase its interest in PL 460 by 12.5%, from 40% to 52.5%. This license is located next to PL 364, which includes the Frøy field.

As part of the license swap agreement, Det norske will transfer 30% in its currently 100%-owned PL 463S to Aker Exploration. Production license 463S is located in an area northwest of Oseberg in the North Sea. A drilling decision for this license will be made during 2009.

According to the swap agreement, Aker Exploration will provide the semisubmersible rigAker Barents for drilling of one exploration well in PL 460. This will increase the available rig capacity for Det norske's exploration program. Det norske is the operator of both PL 460 and PL 463S.

08/26/2008

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