DONG Energy has chosen to exercise its pre-emption right, and is increasing its
stake in the Ula oil field from 5 per cent to 20 per cent. It is the licence
partner Svenska Petroleum Explorations AS (Svenska) that has decided to sell
its stake in the field. The purchase price for Svenska's share of 15 per cent
is USD 130 million - approx. DKK 620 million.
The Ula oil field is situated in the southern Norwegian part of the central
North Sea and, together with the Gyda and Tambar fields, makes up the so-called
UGT area, which is one of DONG Energy's core areas within exploration and
production. Ula today functions as production platform for the Tambar and
Tambar East fields. The additional share in the Ula field will increase DONG
Energys' 2P-reserves by approximately 13 million barrels of oil equivalents
(boe). In addition, the extraction potential will be increased significantly
due to, amongst other things, further utilisation of water and gas injection
within the field.
The Ula field has a long life expectancy and could consequently become central
to the development of other fields in the area, including the discovery of
Oselvar, where DONG Energy earlier this year completed a successful appraisal
drilling.
”With this acquisition, we are securing additional oil production and reserves
while at the same time increasing our ownership interest in a centrally
located field in relation to maturing and expansion of our other licences in
the area”, says Søren Gath Hansen, Executive Vice President in DONG Energy and
responsible for the exploration and production activities.
The acquisition depends on final approval from the Norwegian Ministry of
Petroleum
and Energy and from the Norwegian Ministry of Finance.
The content of this release will not alter DONG Energy's expectations
concerning the result for the 2008 financial year which, as previously
announced, is expected to be on a par with the result for 2007.
For further information, contact:
Investor Relations
Steen Juul Jensen
+45 9955 9724
Media Relations
Ulrik Frøhlke
+45 9955 9560
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DONG Energy is one of Northern Europe's leading energy groups. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing, trading and selling energy and related products in Northern
Europe. The company delivered revenue of DKK 41.6 billion in 2007 (approx. EUR
5.6 billion or USD 8.3 billion). DONG Energy has more than 5,000 employees. For
further information, see www.dongenergy.com.