DNO Farms Into Mistral Exploration Well Through Horatio Swap
Date
12/19/2024 2:01:01 AM
(MENAFN- GlobeNewsWire - Nasdaq) Oslo, 19 December 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company's wholly-owned subsidiary DNO Norge AS has entered into a swap agreement with OKEA ASA to Farm into a 10 percent interest in PL1119 containing the Mistral prospect. In exchange, OKEA will pick up a 10 percent interest in PL1109 containing the Horatio prospect.
The Mistral prospect is located just south of the Åsgard area in the Norwegian Sea. drilling is expected to commence shortly using the semi-submersible rig Deepsea Atlantic, targeting estimated predrill volumes of 19-57 million barrels of oil equivalent with a medium chance of success. Total drilling time is estimated at 60 days in case of a discovery. Other Mistral partners include Equinor Energy AS (50 percent and operator), Pandion Energy AS (20 percent) and OKEA (20 percent after the transaction).
DNO will retain a 20 percent interest in PL1109 following OKEA's entry. In this license, the Horatio well is scheduled for drilling in the first quarter of 2025 using the semi-submersible rig Transocean Norge. Other Horatio partners include OMV (Norge) AS (30 percent and operator), Aker BP ASA (20 percent) and Pandion (20 percent).
There is no consideration to be paid by either party for the swap of working interests. Each party will carry its relative share of the drilling costs for the respective wells.
The transaction is subject to government approval.
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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