Norway: Det Norske Divests 10 pct in Gullris to Centrica

Det norske oljeselskap ASA has agreed to divest 10 percent in PL 522, blocks 6604/2, 3, 4, 5 & 6, to Centrica Resources Norge AS. Det norske is reducing its interest from 20 percent to 10 percent.

This Norwegian Sea license is operated by BG and includes the Gullris prospect located at 1300 meters water depth. Drilling operations on Gullris are scheduled to commence shortly, with the semi submersible drilling rig Aker Barents. The well is planned drilled to at total depth of 3500 meters.

Gullris is located between the Gro- and Asterix discoveries.

The PL 522 transaction is subject to approval by Norwegian authorities. Effective date is January 1st 2011

CEO Erik Haugane says that this transaction is a part of Det norskes strategy.

We recently bought an interest in a Barents Sea license (PL 438 with the Skalle-prospect). We will still hold a ten percent interest in this prospective license, and this confirms our belief in the Norwegian Sea deepwater exploration potential.

About Det norske:

Det norske is the second-largest operating company on the Norwegian Continental Shelf both considering number of operatorships, exploration- and drilling activity. The aggressive exploration program is the largest an independent Norwegian company has ever conducted on the NCS. Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities. Det norske will in 2011 participate in over 10 drilling operations as partner or as operator.

Det norske currently employs a staff of around 200. The company`s registered office is located in Trondheim. The company also has offices in Oslo, Harstad, and Stavanger. Det norske is listed on the Oslo Stock Exchange (DETNOR).

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Source: Det Norske , March 14, 2011; Image: Ptil