"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:
Hydro was awarded the following blocks:
| 11/5-6 | 60% | (Operator) |
| 35/2 | 60% | (Operator) |
| 6306/2-3-5 | 20% | |
| 6304/6 | 20% |
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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 (www.hydro.com).
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 (www.hydro.com).
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Idar Eikrem (+47) 22 53 32 73 (+47) 95 02 83 63 Idar.Eikrem@hydro.com |
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