Polish Company Doubles Interest In Norwegian Lease

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Description

Acquired 15% WI in Petroleum License 558 on Norwegian continental shelf.

Following the purchase of a further 15% interest from Nexen Exploration Norge AS, PGNIG Norway received approval from the Norwegian Ministry of Energy and Petroleum to double its interest in Petroleum License 558 (PL558) on the Norwegian continental shelf.

Following the ministry's approval, the license interests are: Eon Ruhrgas Norge AS, 30%, Det Norske Oljeselskap AS, 20%, Petoro AS, 20%, and PGNIG Norway, 30%.

The license area is located in the immediate vicinity of the Skarv field and is adjacent to PL350, in which PGNIG Norway holds a 30% interest.

Currently, PGNIG Norway, a subsidiary of Polskie Gornictwo Naftowe i Gazownictwo SA, holds eight exploration and production licenses on the Norwegian continental shelf.