Det norske oljeselskap ASA: Sale of Yme Approved

The Norwegian Ministry of Energy and Petroleum has approved Det norske oljeselskap’s sale of 10% in production licenses 316, 316B, 316CS and 316DS to the Polish Company Lotos Exploration and Production Norge AS. The transaction includes the Yme field, which is currently under development. Det norske will receive close to MNOK 600 in cash for these assets. For further details, reference is made to... 

Det Norske Oljeselskap ASA: Det Norske Considerably Strengthened

Det norske oljeselskap ASA (OSE:DETNOR) reported operating revenues in Q3 2008 in the amount of MNOK 102.2, as compared to MNOK 19.4 in the same quarter in 2007. The operating loss amounted to MNOK 108.3. The net income in the period was MNOK 5.6. In the corresponding quarter last year, the company reported an operating loss of MNOK 32.7, and the net loss was MNOK 5.1. Total exploration expenses in... 

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Det norske oljeselskap ASA: Considerable Strengthening of Det norske’s Cash Position

Det norske oljeselskap ASA sells its 10 percent interest in Production Licenses 316 (the Yme Field), 316B, 316 CS, and 316 DS to Lotos Exploration and Production Norge AS. The consideration for the transaction is NOK 390 million. The purchase amount includes NOK 118 million in remaining tax balance. In addition, Det norske (OSE:DETNOR) will be compensated for investments made in 2008. Consequently,... 

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Samson Oil & Gas Provides Operational Advice

Samson Oil & Gas Limited announced today that the Leonard #1-23H well being drilled in the North Harstad Oil Field spudded on Sunday, October 12th, has set surface casing at a depth of 2,270 feet, and is preparing to drill ahead. This well is located adjacent to the producing Harstad #1-15H well. The Leonard #1-23H will target the Bluell Formation, which is currently producing about 100 BOPD from... 

Det norske oljeselskap ASA: Det norske Strengthens Its Position in the Froy Area

Det norske oljeselskap ASA has entered into a license swap agreement with Aker Exploration with respect to Production Licenses (PL) 460 and 463S in the North Sea. This agreement strengthens Det norske’s position around the Frøy Field. As a consequence of this agreement, Det norske will increase its interest in PL 460 by 12.5 percent, from 40 to 52.5 percent. This license is located next to PL 364,... 

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Det norske Enters into Heads of Agreement Regarding Development of Froy

Det norske oljeselskap ASA announces that it has entered into a Heads of Agreement with a Contractor regarding lease of a jack-up production unit for the Frøy Field. Det norske has entered into this Agreement for the purpose of supporting the progress of field development and operation of the Frøy Field in Production License (PL) 364. The Frøy Field is expected to produce 56 million barrels of oil,... 

Det norske oljeselskap ASA: Det norske Sells License Shares in the Fongen, Struten, and Litjormen Prospects

Det norske oljeselskap has signed an agreement with VNG Norge, a subsidiary of the German VNG Group – Verbundnetz Gas AG, for sale of shares in three production licenses off mid-Norway. Det norske is the operator and carries a large ownership interest in all three licenses. This transaction confirms the value creation potential in the early exploration phase and the sale is part of Det norske’s... 

Samson Oil & Gas to Drill a Bakken Formation Well in North Dakota

Samson Oil & Gas currently produces around 100 BOPD (gross) from a horizontal well placed in the Bluell Formation of the North Harstad oil field which is located in the central part of the Williston Basin. This well has been on production for 15 months and has demonstrated the productive capacity of this formation such that development wells adjacent to this location are being planned as part... 

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