DONG Energy and partners to let Svane licence expire
DONG Energy and partners have, following detailed technical evaluations, decided at the present point in time not to pursue drilling of an appraisal well in the Svane field.
The gas accumulation in Svane is found at a depth of 5.5-6 km at a pressure of 1200-1300 bar which is considered at the edge of what can be managed by present technology.
The appraisal drilling was announced in January 2010 with an expected cost of DKK 0.6 – 0.9 billion.
The 04/98 Svane licence expires on 01 January 2013.
DONG Energy, operator, holds a 35% ownership share of the Svane licence, Bayerngas Danmark ApS 30%, Nordsøfonden 20%, and VNG Danmark ApS 15%.
The information provided in this announcement does not change DONG Energy's previous financial guidance for the 2012 financial year or the announced expected investment level.
For additional information, please contact:
+45 9955 9560
Allan Bødskov Andersen
+45 9955 9769
DONG Energy is one of the leading energy groups in Northern Europe. We are headquartered in Denmark. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. We have approximately 7,000 employees and generated DKK 57 billion (EUR 7.6 billion) in revenue in 2011. For further information, see www.dongenergy.com.