Core Energy acquires an interest in the Snorre oil field

10. April 2011

The newly established oil company Core Energy AS announced today that the company has entered into an agreement with Hess Norge AS to acquire its 4.9% interest in PL057, including a 1.0384% share in the Snorre field and unit in the North Sea. The transaction has an effective date of 1st January 2011 and is subject to a partner’s pre-emption right and customary approval by the Norwegian authorities.

The Snorre field is, in terms of remaining reserves currently the second largest oil field on the Norwegian Continental Shelf. The field has a gross daily production of around 100 000 barrels of oil and remaining reserves of 415 million barrels according to the Norwegian Petroleum Directorate. Snorre commenced production in 1992 and the operator Statoil is working on plans for production until 2040.

Core Energy’s CEO Jan Harald Solstad commented: “We are very pleased with being able to buy a share in a large oil field such as Snorre where we see significant potential for increasing reserves and production for many years to come. We look forward to working with the operator and the other partners to unlock the significant values in Snorre. This transaction gives Core Energy a robust platform for the further growth of the company”.

Core Energy was established in November 2010 by a team consisting of professionals with extensive experience from the Norwegian oil and gas industry, and the company has significant capital backing from the private equity firm HitecVision. Core Energy currently has 13 permanent employees of which the majority are technical personnel. Core Energy’s strategy is to capture the value potential in and around mature oil and gas fields on the Norwegian Continental Shelf. The company will seek to acquire interests in producing fields and create value through focus on increased oil and gas recovery, near field exploration and adjacent field developments.

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