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Hydro Satisfied With Awards in 18th Round
OSLO, Norway, June 8 /PRNewswire-FirstCall/ -- The Norwegian Ministry of
Petroleum and Energy announced Tuesday that Hydro has been granted
operatorships and ownership stakes in the company's highest-priority areas in
the 18th licensing round on the Norwegian shelf.
"Hydro is satisfied with the awards of operatorships with high ownership stakes
in two areas, in addition to ownership stakes in two further areas. The awards
lay the groundwork for further growth for Hydro on the Norwegian shelf," says
Lars Christian Alsvik, senior vice president of Exploration in Hydro's business
area, Oil & Energy.
Hydro wants to gather seismic data as soon as this summer from the Farsund
basin, where the company has received an operatorship.
"We see the operatorship award in the Farsund basin as exciting. The area lies
in the southern North Sea and until now has not been open for exploration
activities. Hydro considers this area very interesting for oil exploration,"
says Alsvik.
An exploration well in the Farsund basin can be begun in 2005-2006 at the
earliest. The area is about 250 kilometers northeast of Ekofisk.
Hydro was awarded the following blocks:
11/5-6 60% (Operator)
35/2 60% (Operator)
6306/2-3-5 20%
6304/6 20%
Certain statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that are not in the nature of historical facts
may be deemed to be forward-looking statements and may contain identifying
words such as "believes", "anticipates", "plans", "expects" and similar
expressions. These forward looking statements are based on Hydro's current
expectations, assumptions, estimates and projections about the company and the
industries in which it engages in business. All forward-looking statements
involve risks and uncertainties. For a detailed description of factors that
could cause Hydro's actual results to differ materially from those expressed in
or implied by such statements, please refer to its annual report on Form 20-F
for the year-ended December 31, 2002 and subsequent filings on Form 6-K with
the U.S. Securities and Exchange Commission. With respect to each non- GAAP
financial measure Hydro uses in connection with its financial reporting and
other public communications, Hydro provides a presentation of what Hydro
believes to be the most directly comparable GAAP financial measure and a
reconciliation between the non-GAAP and GAAP measures. This information can be
found in Hydro's earnings press releases, quarterly reports and other written
communications, all of which have been posted to Hydro's website
(http://www.hydro.com/).
Contact Idar Eikrem Lars Bjelvin
Telephone (+47) 22 53 32 73 (+47) 22536614
Cellular (+47) 95 02 83 63 (+47) 482 95 667
E-mail
DATASOURCE: Norsk Hydro
CONTACT: Idar Eikrem, +47-22-53-32-73, Cellular: +47-95-02-83-63,
, or Lars Bjelvin, +47-22536614,
Cellular: +47-482-95-667, , both of Norsk Hydro
Web site: http://www.hydro.com/