Det norske agrees to buy Premier Oil Norge

Det norske oljeselskap ASA has agreed to buy Premier Oil Norge AS from Premier Oil PLC, London, for $120 million cash.

The agreement follows by a month an agreement by Det norske to buy Svenska Petroleum Exploration AS, the Norwegian subsidiary of privately held Svenska Petroleum Exloration AB, Stockholm, for $75 million cash.

Premier Oil Norge operates Vette oil field (formerly Bream) in the Norwegian North Sea with a 50% interest. The company earlier indicated it would make final investment decision about Vette development by yearend. It also holds 50% operated interests in the nearby Mackerel and Herring discoveries. The fields are in license areas PL406 and PL407.

Premier Oil Norge also holds a 50% interest in nonproducing Froy gas field on PL364, originally developed as a satellite of Frigg field. Det norske operates Froy and holds the other 50% interest. It also will acquire seven exploration licenses held by Premier Oil Norge.

From Svenska, Det norske will acquire 13 Norwegian interests, including the North Sea discoveries Krafla/Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%), and Fulla/Lille-Frigg (25%). The acquisition also includes four exploration licenses in the Norwegian Sea.

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