Discover Petroleum was invited to “Håp i Havet 2009” conference in Tromsø

The Exploration Director Yngve Vassmyr, stated that there is still a high potential of finding oil and gas in the Norwegian Sea and the Barents Sea. The recent gas- and oil discoveries in the Barents Sea are promising; however it remains to see if these findings have economic interest. The oil production from the Norwegian Continental Shelf, are decreasing significantly and it's therefore important to open up new prospective areas now. Mr. Vassmyr said that the Nordland VI, VII and Troms II areas have an oil/gas potential which the industry assess to be very attractive. Future exploration activity and development in these areas needs to be managed in co-existence with the fishery and environmental considerations. "The petroleum industry has during 40 years of production on the Norwegian Continental Shelf managed to find effective solution with the fishery, and it should also feasible in the above areas", Mr. Vassmyr inquired. New technical solution, improved emergency preparedness plans and oil recovery equipment have reduced the risk for oil spills and impact on the environment.

Discover will be active in the further exploitation of the High North potential, and will contribute with value creation and new job opportunities in the northern region. The company has great expectation to the award of the 20.licensing round which is assumed to be granted before the Easter 2009.