By Dominic Chopping
Maersk Oil, the oil and gas producing arm of Danish industrial
conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO), said Wednesday
it will drill an exploration well on the Maja licence in the Danish
North Sea after the Danish Energy Agency (DEA) granted a two-year
extension to two licences in the region.
MAIN FACTS:
-The well will target a High Pressure High Temperature (HPHT)
prospect in the licence and will be drilled within the next two
years after substantial preparatory work is completed.
-Danish North Sea HPHT wells typically cost about $100 million
because of the specialised equipment and the time necessary to
drill in these technically challenging conditions.
-"We believe there is more oil and gas to be found in the Danish
North Sea both in the maturely developed shallower levels and also
in the less mature deeper geologic horizons," says Esbern Hoch,
Head of Exploration for Denmark, Greenland and the Middle East
North Africa region.
-The Maja licence lies close to the Maersk Oil-operated Harald
gas field and 40 kilometres north of the licences operated by the
Danish Underground Consortium (DUC).
-PA Resources AB (PAR.SK) withdrew from the Maja licence
following its extension, granted by the DEA last week.
Subsequently, PA Resources' 26.8% share in the licence has been
split proportionally among Maersk Oil and its other partners.
-Maersk Oil now holds a 42.62% share in the licence with DONG
Energy (27.32%), Noreco (16.39%) and Danoil (13.66%) as
partners.
-The DEA also extended for two years Maersk Oil's Gita licence,
lying next to Maja. Maersk Oil plans to integrate new data over the
license and perform further technical evaluations before deciding
on further steps for this area.
-Maersk Oil is operator of Gita (31.2%) with PA Resources
(26.8%), The North Sea Fund (20%), Noreco (12%) and Danoil (10%) as
partners.
-At 0715 GMT shares traded 1.2% higher at DKK36,800.
-Write to Dominic Chopping at dominic.chopping@dowjones.com
