Aker Exploration is on course with drilling preparations for the first three wells to be drilled with Aker Barents.

The whole organisation is looking forward to starting to explore for oil and gas with the world’s most advanced exploration rig, says CEO Bård Johansen in Aker Exploration. The company has cash of over NOK 305 million and an unused credit facility of NOK 1.8 billion at the end of March 2009.

The company’s loss after tax for the first quarter was NOK 47.7 million compared to a loss of NOK 42.1 million in the same period in 2008. The result for the period includes an unrealised foreign exchange loss of NOK 44.4 million resulting from the strengthening of the Norwegian kroner against the US dollar during the quarter. Aker Exploration has hedging instruments which limit the company’s exposure to high dollar exchange rates against the kroner. Aker Exploration will participate in its second well, on PL 304 where Lundin is the operator, using the rig Songa Dee. The well is expected to spud in late May 2009. Aker Barents is expected to be delivered by the end of June 2009. The first three wells are in the planning phase, namely PL 469 where GdF Suez is the operator, and PL 321 and PL 460 where Det norske oljeselskap is the operator.

Aker Exploration has entered into all major third party contracts for exploration services. The company has agreed to pay NOK 123 million to Aker Drilling for installation of third party equipment on Aker Barents.

In the 20th Round awards announced on 30th April 2009, Aker Exploration was awarded participating interests in four licenses – one in the Barents Sea and three in the Norwegian Sea with participating interests ranging between 20% and 30%.

Tags: Aker Exploration