Det norske, Spike agree to offshore Norway interest transfers

Offshore staff

TRONDHEIM, Norway – Two Norwegian independents have agreed to swap stakes in oil discoveries in the Norwegian North Sea.

Subject to approvals from Norwegian authorities, Det norske oljeselskap will take Spike Exploration’s 20% interest in license PL457.

The acreage is east of the Det norske-operated 001B license on the Utsira High containing the Ivar Aasen field development. The Asha oil discovery, drilled late in 2012, extends into PL 457.

Unitization discussions are expected to be concluded between partners in the two licenses by the end of this month.

In exchange, Det norske will transfer its 10%of licenses PL554/B/C containing the Total-operated 2012 Garantiana oil discovery, lifting Spike’s stake to 30%. An appraisal well started drilling late last month, and there are more plans to drill two more prospects as an extension and a side track to the appraisal well.

After the completion of the agreement, the PL554/B/C group of partners will consist of TOTAL E&P Norge AS (40%, operator), Bridge Energy Norge AS (wholly owned subsidiary of Spike Exploration, 30%), Svenska Petroleum Exploration AS (20%), and Det norske oljeselskap ASA (10%).

06/17/2014

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