OKEA and DNO Exchange Stakes in Mistral and Horatio Prospects Off Norway
December 19, 2024
Norwegian oil and gas companies DNO and OKEA have entered into swap agreement to exchange 10% interests in production licenses that contain Mistral and Horatio prospects.
As part of the agreement, DNO Norge will pick up 10% interest in PL1119 containing the Mistral prospect, while in exchange, OKEA will take a 10% share in PL1109 containing the Horatio prospect.
The Mistral prospect is located just south of the Åsgard area in the Norwegian Sea. Drilling is expected to start shortly using the semi-submersible rig Deepsea Atlantic, targeting estimated predrill volumes of 19-57 million barrels of oil equivalent with a medium chance of success.
Total drilling time is estimated at 60 days in case of a discovery.
Other Mistral partners include Equinor (50%, and operator), Pandion Energy (20%), OKEA (20%, after the transaction), and DNO (10%, post transaction).
DNO will retain a 20% interest in PL1109 following OKEA’s entry. In this license, the Horatio well is scheduled for drilling in the first quarter of 2025 using the semi-submersible rig Transocean Norge.
Horatio is located approximately 20 km north-west of the Gjøa platform in the North Sea.
Other Horatio partners include OMV (Norge) (30%, and operator), Aker BP (20%), Pandion (20%), and OKEA (10%, post transaction).
The transaction is subject to government approval.
