Det Norske reports asset swap in the North Sea

6/17/2014

Det Norske reports asset swap in the North Sea

TRONDHEIM, Norway -- Det norske oljeselskap has signed an agreement with Spike Exploration to swap a 10% interest in licence 554/B/C containing the Garantiana oil discovery for a 20% interest in license 457 containing parts of the Ivar Aasen deposit.

Licence 457 is located adjacent and to the east of licence 001B (Ivar Aasen, DETNOR 35% and operator) on the Utsira High in the North Sea. Following drilling of the Asha discovery in late 2012 it was established that Ivar Aasen extends into licence 457. Unitisation discussions between the Ivar Aasen partners and the 457 licence partners are ongoing, with the aim to conclude such discussions at the end of June, 2014.

Licences 554/B/C are located north-east of the Visund field in the North Sea where drilling of the Garantiana-2 appraisal well is ongoing.

After completion of the agreement, Det norske will hold 20% in licence 457 and 10% in licence 554/B/C.

The transaction is subject to approval from the relevant authorities.

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