Det norske oljeselskap ASA (DETNOR) announced 16 November an agreement to acquire Premier Oil Norway, which comprises all Premier Oil plc’s Norwegian assets for a net consideration of USD 120 million on a cash free, debt basis. The acquisition is now completed.

Premier’s Norwegian assets comprises the operated Vette development and adjacent Mackerel and Herring discoveries (50 percent interest), a non-operated interest in the Frøy field (50 percent interest) and seven exploration licenses in the North Sea. Premier has 26 employees in Norway.

About Det Norske

Det norske oljeselskap ASA (DETNOR) specialize in extracting petroleum resources on the Norwegian Continental Shelf (NCS). We are an ambitious company with significant exploration activity. Recently we have taken part in some major discoveries, Sverdrup being the single most important. During the first quarter of 2013 we will start producing our first own oil from Jette – the company’s first development as operator. Det norske has recently submitted Plan for Development and Operation (PDO) for the Ivar Aasen field to the authorities.