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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OGC Standards Are the “Bedrock” of Global Geology Mapping Project

Standards developed by the members of the Open Geospatial Consortium, Inc. (OGC) play a key role in OneGeology, a global project to produce the first digital geological map of the world. OneGeology, launched in August, 2008 at the 33rd International Geological Congress in Oslo, Norway, is now supported by 94 nations and seven international umbrella bodies. It is the flagship project for the UN International... 

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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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Tube City IMS, LLC and China’s Sinosteel Corporation Sign Strategic Cooperation Agreement

Tube City IMS, LLC, a service provider to steel mills and foundries throughout the world, announced the signing of a strategic cooperation agreement with Sinosteel Corporation of Beijing, China. I Michael Coslov, Chairman and CEO of Tube City IMS, and Huang Tianwen, President of Sinosteel, signed the agreement at Tube City IMS’ Corporate Headquarters in Glassport, PA. “We are delighted... 

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USR Technology, Inc. Closes on Acquisition of Assets From Euroslot S.A.S. Valued at $2 Million

As previously announced, on July 3, 2008 USR Technology, Inc. entered into a letter of intent with the private French company Euroslot S.A.S. concerning the granting by Euroslot of a US$1,000,000 credit against the future supply of certain assets, called Snake Screen(TM), and an exclusive 20 year worldwide license, excluding France, Iran and Russia, to use and market the patented Snake Screen(TM) technology.... 

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CanArgo Announces Regulatory Clearance and Commencement of Rights Offering as Well as an Operational Update

CanArgo Energy Corporation announced that the United States Securities and Exchange Commission has declared effective the Registration Statement filed on Form S-3 by the Company under the U.S. Securities Act of 1933 and the completion of all regulatory reviews by the Oslo Stock Exchange relating to the previously announced Rights Offering. Accordingly, the Rights Offering will commence on October 6,... 

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Northern Offshore Announces Drilling Contract

Northern Offshore, Ltd. announced that it has entered into a drilling contract with AGR Peak Well Management Limited, a subsidiary of AGR Group ASA (Oslo Bors: AGR.OL) for the use of the semisubmersible GSF Arctic II in the North Sea. As previously announced, Northern Offshore has entered into an agreement with an affiliate of Transocean, Inc. to acquire the rig and expects to close on the rig purchase... 

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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Northern Offshore Files Information Memorandum With Oslo Stock Exchange

As announced on July 28, 2008, Northern Offshore, Ltd. has entered into agreements with affiliates of Transocean Inc. to acquire the semisubmersible drilling rigs GSF Arctic II and GSF Arctic IV. The Company prepared an Information Memorandum in connection with the acquisition of the Rigs, as required by Section 3-5 of the Oslo Stock Exchange’s rules on the continuing obligations of listed companies....