The Norwegian Ministry of Energy and Petroleum has approved Det norske oljeselskap's sale of 15 percent in production licenses 229, 229B and 229C, located in the Barents Sea, to StatoilHydro ASA.

The transaction includes the Goliat field. The sales price is NOK 1.1 billion in cash for these assets and the company expects to close the transaction and have the cash in hand by end December.

With the sale of Goliat, the company has gained an unique financial position for further growth. First and foremost the money will be invested in a comprehensive exploration campaign in 2009 and 2010, which includes prospects close to existing infrastructure with a very low estimated marginal cost. The extensive exploration program should on average provide the market with results from one exploration well every month over the next two years.

Det norske has a 15 percent stake in the ongoing StatoilHydro operated North Sea Fulla exploration well. The company expects to commence drilling on the promising Freke prospect in PL 029B, located just northeast of the StatoilHydro operated Dagny and Ermintrude discoveries, in January 2009.

Tags: Det norske oljeselskap ASA