DONG Energy and its licence partners Bayerngas (30% interest) and the Danish
North Sea Fund (20% interest) have decided to carry out an appraisal drilling
in the Svane field in the Danish sector of the North Sea.
DONG Energy assumed the role of operator when the company acquired the Danish
oil and gas activities of ConocoPhillips in 2007. An appraisal drilling carried
out in 2001 by ConocoPhillips indicated the possible presence of a large gas
reservoir. However, technical problems in connection with the drilling raised
uncertainty about the findings. The owners of the field have now decided to
carry out a new appraisal drilling with a view to determine volumes and the
possibilities of extracting the natural gas, which is located at greater depth
than any other field in Denmark.
The field in question is technically challenging, and holds because of the
depth of the reservoir of up till 6,000 meters high pressure and high
temperatures. The costs of the appraisal drilling are therefore subject to
uncertainty and is expected to amount to DKK 0.6 - 0.9 billion depending on the
drilling results. DONG Energy's share makes up 50%. The detailed planning of
the appraisal drilling will take place in 2010, and the license partners will
thereafter decide upon the final timetable for the drilling.
“If the appraisal drilling meets our expectations, the field will contribute
substantially to the future security of supplies. Furthermore, it opens
perspectives for future exploitation of this type of technically challenging
fields on the Danish shelf”, said Søren Gath Hansen, Executive Vice President
of DONG Energy and responsible for the company's oil and gas activities.
The information provided in this announcement will not change the previous
financial guidance for the financial year 2009 or the expected investment
level.
For additional information, please contact
Media Relations
Ulrik Frøhlke
+45 9955 9560
Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated more than DKK 60 billion (EUR
8.2 billion) in revenue in 2008. For further information, see
www.dongenergy.com.