a good deal on jaguar....

NORWAY ELIXIR
OSLO, May 23 Reuters - Australia's Elixir Petroleum will sell a 60 per cent interest and operatorship of a block in the UK sector of the northern North Sea to the Small Norwegian oil producer DNO, the Norwegian company said today.
DNO will acquire the stake in block 211/22B through a farm-in agreement under which it will fund 92.5 per cent of the costs of drilling an exploration well on the Jaguar prospect, DNO said in a statement.
Elixir will retain 40 per cent of the block, DNO said.
DNO's Managing Director Helge Eide told Reuters that a well in the North Sea would typically cost around 100 million Norwegian crowns ($A20.67 million)).
"Block 211/22B hosts a large upper Jurassic prospect named Jaguar, which if hydrocarbon bearing, has the potential to contain oil reserves of several hundred million barrels," said DNO, whose main operations are now in Yemen.
The deal takes DNO back onto the UK continental shelf, which it left after agreeing in late 2003 to sell its British and Irish assets to Sweden's Lundin Petroleum.
The transaction, which is subject to approval by British authorities, is in line with DNO's strategy of adding new reserves at low cost through exploration, the firm said.
A formal farm in agreement is expected to be signed by late June, DNO said.
Reuters cjh
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