Det norske sells Fongen, Struten interests

Det norske oljeselskap has signed an agreement with VNG Norge for the sale of shares in three production licenses offshore Norway.

Offshore staff

TRONDHEIM, Norway -- Det norske oljeselskap has signed an agreement with VNG Norge for the sale of shares in three production licenses offshore Norway.

VNG Norge will acquire a 30% interest in the Fongen (PL 380) and Struten (PL 383) exploration prospects. In these licenses, the partnerships have agreed to drill one exploration well, planned for next year. As compensation, VNG will carry 30% of Det norske's drilling cost related to the two wells, the company says.

Det norske has also sold a 20% interest in the Litjormen prospect (PL 447) to VNG, reducing Det norske's ownership from 50% to 30%. The license has acquired 3D seismic, but the companies have not made a firm decision to drill an exploration well.

08/11/2008

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