PGNiG Norway says that acquisition of 25% stake in PL419 exploration license based on an agreement with Nexen Exploration Norge A/S. will purchase a 25% interest in the Licenses for the price of NOK 1.00 (equivalent to the amount of approximately PLN 0.53).

Nexen Exploration Norge A/S is the operator of the License (with 30% stake) and the other partners include: Wintershall Norge ASA (25% stake) and Edison International Spa (20% stake).

The license was originally awarded as part of APA2006. The license includes very interesting exploration targets with the potential to discover both oil and gas and covers an area of 195.457 square km. From February 2007 to February 2009, 3D seismic data were reprocessed and license prospectivety was evaluated.

This transaction fulfils the strategy of PGNiG to cooperate closely with the experienced oil and gas companies on the Norwegian Continental Shelf, like Nexen, Wintershall and Edison. PGNiG aims at investing in mature areas with an easy access to infrastructure. The close vicinity of the existing platforms may secure cost effective export solution for gas and oil discoveries on PL419.

Acquisition of 25% stake in the License is subject to a following of condition: a) approval by the Norwegian Ministry of Petroleum and Energy; b) approval by the Norwegian Ministry of Finance.

In January 2009 PGNiG Norway A/S acquired 30% stake In the exploration license PL350 on Norwegian Continental Shelf based on an agreement with StatoilHydro Petroleum A/S. Fields in PL350 licence are located around 7-8 km on east from Skarv field, where PGNiG Norway has 11,9% stake.

Tags: PGNiG Norway A/S