Aker Exploration has reached an agreement with ExxonMobil Exploration and Production Norway AS to acquire a 40 percent share of a prospect in license 028. The agreement is conditional upon Aker Exploration operating an exploration well on behalf of ExxonMobil.

The semi-submersible drilling rig Aker Barents will be used for the well which is expected to commence towards the end of 2009.

“We are strengthening our position in the Balder / Grane area where Aker Exploration already have existing exploration activity. The prospect is near infrastructure and within a proven hydrocarbon province”, says Bård Johansen, President and CEO of Aker Exploration.

Aker Exploration will acquire a 40 percent share as a stratigraphic carve-out below the Base Cretaceous in return for carrying the costs of drilling one exploration well and a possible sidetrack. The carved out area will become a separate license, PL 028S, subject to approval from the Norwegian Authorities.

To Aker Exploration the prospect represents a very interesting exploration opportunity. This transaction once again shows the merit of the “Rig for Oil” concept and Aker Exploration looks forward to cooperate with ExxonMobil in exploring for oil in this area, says Bård Johansen.

Tags: Aker Exploration