Hydro Satisfied With Awards in 18th Round
June 08 2004 - 4:37AM
PR Newswire (US)
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/
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