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Brage partners harmonize their interests

November 23, 2006, 00:00 CET

To achieve a more effective utilization of the oil producing Brage field and nearby areas, the partners in licenses PL053B, PL055, PL055B and PL185 have decided to harmonize their participating interests.

The Brage field in the North Sea has been in operation since 1993 but the oil production has for some years been in decline.

The aim of the harmonization is better coordination of the activities related to additional resources in the area and thereby optimise exploitation and enhance the total recovery of hydrocarbons from the field and nearby areas.

The partners new participating interests in all four licenses will, with effect from the date the Ministry of Oil and Energy has given its approval, be as follows:

Party Final Participating Interest

Hydro (operator) 20.0000 %
Talisman 34.2581 %
Petoro 13.4000 %
Statoil 12.7000 %
Altinex 12.6247 %
Endeavour 4.4424 %
Revus 2.5748 %