Success in APA 07

We are very satisfied with the award of four interesting licenses in APA 07, says Managing Director Lars T. Bjerke. The company was prequalified as Operator in December 07, and has now been awarded our first operatorship, which is an important credit to the company. The new licenses represent an important growth of the portfolio, and make an excellent basis for further development of the company, Mr. Bjerke continues.

The license operated by Discover Petroleum is located in the Norwegian Sea - approximately 60 km north-east of the Heidrun installation. The company holds a 50% equity and Skagen 44 is the partner with 50%. A 3D seismic program will be acquired before a decision of an exploration well. Discover was also awarded two other licenses in the Norwegian Sea. A 30% equity in one license south of the Draugen field, and one license (30% Discover share) east of the Norne installation. One exploration well will be drilled in each of these licenses within 2 -3 years.

The new license (30% Discover share) in the Barents Sea is located north of the Snøhvit field, and the acreage is the neighbouring block to PL449 where Discover already holds 30% equity. A new 3D seismic survey will be conducted before a decision of an exploration well.