Agora increases its footprint on the NCS – farming into North Sea licence PL299

Agora Oil & Gas AS (“Agora”) announces that a farm-in agreement has been signed with Talisman Energy Norge AS (“Talisman”) on PL299, in which Agora will acquire a 28.5 percent interest. The transaction is subject to Norwegian authorities’ approval.

PL299 (Block 2/1) is located on the Steinbit Terrace, southeast of the Gyda Field. The current license holders, Talisman and Dong E & P Norge AS (“Dong”), have matured an Upper Jurassic exploration opportunity, the Frode Prospect. An exploration well targeting the Frode-prospect is currently planned to be drilled in 2012. The water depth in the area is 65 meters.

“The farm-in agreement on PL299 increases Agora’s portfolio on the Norwegian Continental Shelf, which prior to this transaction comprise PL370 and PL418 in the Northern part of the North Sea”, says Svein Ilebekk, Agora’s CEO. “Assuming that a well is drilled in PL299, Agora will participate in three exploration wells in Norway during 2012”.

After the Norwegian authorities have approved the transaction, the partners in PL299 will be Talisman (operator and 31.5 percent), Dong (40 percent) and Agora (28.5 percent).

For additional information please contact Svein Ilebekk (CEO, +47 911 07 767) or Chris Elliott (Exploration Manager, +47 915 39 293).