Dana Petroleum has been awarded three new exploration licences by the Norwegian Ministry of Petroleum and Energy.
The licences are part of the 2013 Awards in Pre-defined areas (APA 2013) in what was a record year for the number of companies applying for available acreage.
Dana has been offered operatorship of two North Sea licences, PL 737 S and PL 742. The company has also been awarded a partner position in licence PL 761 which is located close to the PL 484 Verdande prospect, of which Dana has an existing 30 per cent equity.
Reidar Hustoft, Norway Managing Director, said: “All three licences represent primarily oil prospects. They offer the opportunity to deliver exploration success and improve long term business growth. Being awarded operatorship of two of the licences confirms Dana’s position as a competent and capable operator.”
About the licences
The APA licensing rounds encompass the most explored areas on the Norwegian Continental Shelf. A total of 48 companies have been offered participation in 65 new exploration licences in the area.
Partners in licence PL 737 S are Bridge Energy (30%) and Concedo (30%). Dana holds the remaining 40% equity as operator.
Partners in licence PL 742 are VNG Norge (20%), Fortis Petroleum (20%) and Core Energy (20%). Dana holds the remaining 40% as operator.
Noreco is the operator of licence PL 761 (40%). The remaining 60% equity is split equally between Dana and Explora.
About Dana in Norway
Our business in Norway is focused on the Norwegian Continental Shelf. We have interests in a total of 10 exploration and production licenses in addition to the APA 2013 license awards.
Through APA (Awards in Pre-Defined Areas) and ordinary licensing rounds, farm-ins and asset swaps, we have built a successful business with an average annual production of 1,100 barrels of oil per day. We also have a 10% interest in the Lotos-operated Fulla gas/condensate discovery which is being evaluated for development.
Our strategy is to increase production through further investment in our drilling programme and we plan to drill three exploration wells this year.
About Dana Petroleum plc
Dana Petroleum plc, a wholly owned subsidiary of the Korea National Oil Corporation (KNOC), is an international oil and gas business with operations in the UK, Egypt, Norway, the Netherlands and Africa, producing 50,000 barrels of oil a day. Dana’s ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East and aims to grow production significantly by investing around $1 billion a year to increase the size of the company and create value for our shareholder.
For further information contact:
Director of Group Communications and External Affairs
+ 44 (0)1224 616100
Group Corporate Communications Manager
+ 44 (0)1224 616100
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