Det norske oljeselskap

Det norske oljeselskap has entered into an agreement to acquire Svenska Petroleum Exploration for a cash consideration of USD 75 million on a cash-free, debt-free basis. Svenska holds 13 licenses in Norway, including interests in the Krafla/Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%), and Fulla/Lille-Frigg (25%) discoveries in the North Sea. In addition, the company holds four exploration licenses in the Norwegian Sea. The transaction is expected to close in the first quarter of next year.