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Bayerngas awarded license in the Barents Sea

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(Oslo, 12.06.13) Bayerngas Norge was today awarded a 20 % share in license PL716 in the block 7318/11 & 12 in the Bjørnøya basin in the South-western part of the Barents Sea. The license covers an area of 602.5 square kilometers.

-This is very positive for Bayerngas Norge and a milestone in the development of the company. Until now we have been active in the North Sea and the Norwegian Sea. This is the first license we apply for in the Barents Sea and, in addition to activities in Denmark and the UK, we are now active in all areas on the Norwegian shelf, says Arne Westeng, CEO Bayerngas Norge.

Bayerngas Norge has over time spent substantial resources in order to build geological and geophysical competence in the Barents Sea. Bayerngas Norge sees a great potential in the area even though parts of the Barents Sea still is characterized by high exploration risk.

-We believe this is the right time for the company to enter the Barents Sea, says Arne Westeng. We are very pleased with the award and take it as a confirmation that we once again have delivered a high quality, professional and well founded application.