Det Norske Oljeselskap AS, a wholly owned subsidiary of DNO ASA ("DNO") has considerably strengthened its organization and is in the process of establishing a drilling section capable of a continuous one rig operation.
This was also important for DNO in connection with its APA 2006 round application, where license awards were put on hold. DNO is pleased to see that the company has been awarded four new licenses on 31st May 2007.
DNO has expanded its position in Norway substantially over the past few years and the NCS is now one of the company's core areas. Following the APA 2006 awards the Company holds a diversified portfolio of 28 licenses on the NCS, of which 11 as Operator.
DNO's primary focus is smart exploration, cost effective development and high margin production, where oil prospects are the current priority of the Company. DNO has a strong commitment as an active player on the NCS and the Company is planning to participate in 7 exploration wells in 2007, of which 3 are as Operator.
Managing Director Helge Eide comments:
"Being a qualified and prudent operator, DNO is pleased to have fulfilled the authorities' requirements and will further strengthen the drilling part of the organization. We are engaged in high exploration activity on the NCS, and with the strategy to increase our capacity and broaden the core competence including G&G, reservoir and drilling, we will be well positioned to further develop new business opportunities on the NCS".
DNO ASA
1 June 2007
1 June 2007
|
Contact:
|
|
|
|
Media: |
|
|
|
Helge Eide, MD DNO ASA |
Telephone: |
+47 23 23 84 80 |
|
Ketil Jørgensen, Crux Communication (Norway) |
Telephone |
+47 930 36 866 |
|
Ben Willey, Buchanan Communications (UK) |
Telephone:
|
+44 207 466 5000 |
|
|
|
|
|
Investor Relations: |
|
|
|
Haakon Sandborg, CFO DNO ASA |
Telephone: |
+47 23 23 84 80 |
|
Robert Arnott, Advisor (UK) |
Telephone |
+44 207 839 7764 |