Maja Shareholders Up Stakes After PA Resource Withdrawal

Maersk Oil, Danoil, Noreco and DONG Energy have all upped their stakes in the Danish Maja field following the withdrawal of PA Resources from the project earlier this week.

On Monday, Swedish company PA Resources said that it would be withdrawing from the Maja licence due to an obligation to drill a high-pressure, high-temperature (HPHT) well on the field. The obligation is imposed as part of the extension of the licence by the Danish Energy Agency.

PA Resources said that it was not interested in pursuing such a "high risk" activity and had notified the operator Maersk Oil that it would not be continuing as a shareholder. 

"High cost, high risk gas exploration is not part of PA Resources' core strategy," President and CEO of PA Resources, Bo Askvik said of the withdrawal.

Following the withdrawal, the remaining four stakeholders have seen PA Resources' 26.8 per cent interest shared out proportionately between them, at no cost to those remaining stakeholders. PA Resources said on its withdrawal that it would shoulder the cost of the move, with a write-down of SEK 90 million (approximately €10.2 million) taken by the company.

The Maja licence stakes are now as follows: Maersk Oil (42.62 per cent), DONG Energy (27.32per cent), Noreco (16.39 per cent) and Danoil (13.66 per cent).

Noreco today said it was happy to receive the increased stake and to participate in the licence. 

"We are pleased to be able to increase our ownership in this licence," CEO of Noreco, Einar Gjelsvik said today. "The discovery from 2009 demonstrates a significant resource potential, and we look forward to take part in the further exploration of the area."

Maersk Oil also said today that it would meet its obligation to drill the HPHT well, with one costing about $100 million due to be drilled within the next two years.