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DNO ASA signs farm-out agreement with Oil Search Ltd
Nordic Business Report, Oct 29, 2003
NORDIC BUSINESS REPORT-29 October 2003-DNO ASA signs farm-out agreement with Oil Search Ltd(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian oil company DNO ASA said on Wednesday (29 October) that it had concluded a farm-out arrangement regarding Block 43 in Yemen with the Australia-based oil company Oil Search Ltd.
Under the agreement Oil Search would participate in the block with a 25% interest for an initial entry fee of USD2.2m and further payments relating to the costs for two wells.
DNO is the operator of Block 43 and has a 50% interest after the agreement.
One US dollar (USD) is worth approximately 0.6 British pounds (GBP).
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