BAYERNGAS-NORGE

-We are pleased with the awards. We further strengthen our position in our core areas West of the Utsira High and in the Quadrant 35-area. The award of two operatorships is furthermore in line with our long-term ambition to have continuous drilling activities on the Norwegian Continental Shelf. This is important to maintain competence and safety in our drilling activities, Managing Director at Bayerngas Norge, Mr. Arne Westeng says.

The company is now close to having a balanced portfolio. Daily production is around 20 000 boe/d from six fields. The company has three fields under development, all of which will start producing in 2016/17, and two more discoveries under development planning. Bayerngas has a total portfolio of 70 licenses in Norway, Denmark and the UK.

-I am very pleased with what our employees have achieved so far, Mr. Westeng, continues.

Bayerngas long term strategy aims at organic growth to establish a substantial portfolio of producing assets, and a steady cash flow. Bayerngas forms an important part of the shareholders’ ambition of becoming self-sufficient with gas. The shareholders are limited to public utility and energy companies in Germany, Switzerland and Austria.

-I am also happy to see that the groups of partnerships we will cooperate with in the new licenses are strong and ambitious. This looks promising for the future, Mr. Arne Westeng ends.

Bayerngas Norge AS produced from six fields in 2014 with a turn-over of €280 mill. The company is currently investing heavily with three fields under development. Bayerngas has 100 employees in Norway, Denmark and the UK and is wholly owned by financially strong, municipal energy companies in Germany, Switzerland and Austria. The shareholding companies invest in Norway to secure energy supplies to customers in Europe. For more information see: www.bayerngasnorge.com

Contact:

Bayerngas Norge AS
Arne Westeng
Managing Director
Phone: +47 404 49 102
E-mail: arne.westeng@bayerngas.no

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