DONG Energy to buy ConocoPhillips's Danish assets

DONG Energy has agreed to acquire ConocoPhillips Petroleum International Corp. Denmark for $300 million from Phillips Petroleum International Corp.

By OGJ editors
HOUSTON, Mar. 23 -- DONG Energy has agreed to acquire ConocoPhillips Petroleum International Corp. Denmark for $300 million from Phillips Petroleum International Corp.

With the acquisition, DONG Energy will assume control of ConocoPhillips's equity in three Danish licenses�Hejre, Hejre Extension, and Svane, all of which ConocoPhillips Denmark currently operates.

Following the acquisition, DONG Energy will operate all three licenses and will own 50% of the Hejre license. ConocoPhillips currently holds a 30% share of Hejre, and DONG Energy, 20%.

DONG Energy estimates the ConocoPhillips Denmark 30% share in the Hejre license represents 35-40 million boe, of which 2.5-3 billion cu m is gas.

Equity amounts and reserves estimates were not identified for the Hejre Extension and Svane licenses, which DONG Energy said include "discoveries and further exploration potential."

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