DNO and OKEA agree to a swap in Norwegian Sea
DNO has entered into an agreement with OKEA to farm into a 10% interest in PL1119 containing the Mistral prospect. In exchange, OKEA will pick up a 10% interest in PL1109 containing the Horatio prospect.
The Mistral prospect is located just south of the Åsgard area in the Norwegian Sea. Drilling is expected to commence shortly using the semi-submersible rig Deepsea Atlantic, targeting estimated predrill volumes of 19-57 million barrels of oil equivalent (boe) with a medium chance of success. Total drilling time is estimated at 60 days in case of a discovery.
The Horatio well is scheduled for drilling in Q1 2025 using the semi-submersible rig Transocean Norge. Horatio is located approximately 20 km northwest of the Gjøa platform and operated by OMV (30% WI).
There is no consideration to be paid by either party for the swap of working interests. Each party will carry its relative share of the drilling costs for the respective wells.
