OSH 3.90% $5.91 oil search limited

3%+ more in yemen

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    Looks like osh have picked another 3.33% in Yemen according to DNO announcement.



    Published: 09:53 02.07.2004 GMT+2 /HUGIN /Source: DNO ASA /OSE: DNO /ISIN: NO0003921009

    DNO increases in Block 43, Yemen

    DNO has increased its interest in Block 43, Yemen by 6.67 % to 56.67 %, following the previous coventurer First Calgary Petroleum (FCP) withdrawal from the license.


    FCP's 10 % interest in Block 43 has now been distributed proportionally to DNO ASA by 6.67 & and Oil Search Ltd by 3.33 % following the failure of FCP to meet its obligation under the PSA (default). The resulting partners and their associated interests in the license are as follows:

    DNO ASA: 56.67 % (Operator)
    Oil Search Ltd: 28.33 %
    TYC: 15.00 % (carried)

    Block 43 contains the recent Nabrajah discovery with initial estimated reserves of 10 - 12 million barrels, of which DNO's pre-tax share is 5.7 - 6.8 million barrels.

    Following the positive results from Nabrajah-1 discovery well reported earlier this year, two appraisal wells will now be drilled commencing within the next few weeks. The forward plan is to work towards a field development plan for submission to the Yemen authorities towards the end of 2004. If the field development starts early 2005 first oil production from Nabrajah could commence in 3rd quarter 2005.

    DNO ASA
    2. July 2004


    Contact:

    Helge Eide
    Managing Director.

    Telephone: (+47) 55 22 47 00 / (+47) 23 23 84 80
 
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