DONG Energy has decided - together with the operator Hess and the licence
partners - to develop the Danish North Sea field South Arne. DONG Energy's
share of the investment amounts to about DKK 2.5 billion.
The development's expected commercial reserves is about 15 million barrels of
oil equivalent (boe) in DONG Energy's share and is made up of both oil and
”The further development of the South Arne field contributes to extend the time
period for Danish self supply of oil and gas. At the same time we utilize the
investments, which have already been made in the existing South Arne platform
and the gas pipeline going in to shore”, says Søren Gath Hansen, Executive Vice
President of DONG Energy.
The development includes 11 new wells and two new platforms, one unmanned
platform 2½ km north of the existing South Arne platform and another platform
immediately adjoining the existing platform.
First oil and gas from the new wells is expected at the turn of the year
2012/2013. DONG Energy has an app. 34.4 per cent interest in the South Arne
field, and the operator Hess a an app. 57.5 per cent interest. The two other
licence partners are Noreco (app. 6.5 per cent) and Danoil (app. 1.5 per cent).
The information provided in this announcement does not change the previous
financial guidance for the 2010 financial year or the announced expected
With reference to the company's ongoing offer of new hybrid debt instruments
and ongoing conditional invitation to tender existing hybrid debt instruments
as announced on 11 November 2010 it should be noted that the company does not
view the contents of the present announcement as eligible to have an effect on
the price of the listed debt instruments issued or under issue by the company
and that the contents of the present announcement thus did not - prior to the
release of the present announcement - constitute regulated inside information
vis-a-vis the listed debt instruments issued or under issue by the company. For
the same reason, the contents of the present announcement will not cause the
company to publish a supplement to the prospectus.
For further information, contact:
+45 9955 9560
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 approx. 6,000 employees and generated just under DKK 50 billion (EUR 6.6
billion) in revenue in 2009. For further information, see www.dongenergy.com