Aker Barents is expected to be delivered by the end of June 2009. The first three wells are in the planning phase, namely PL 469 where GDF Suez is the operator, and PL 321 and PL 460 where Det norske oljeselskap ASA is the operator.
Aker Exploration has cash of over NOK305 million and an unused credit facility of NOK1.8 billion at the end of March 2009.
The company’s loss after tax for the first quarter was NOK47.7 million compared to a loss of NOK42.1 million in the same period in 2008. The result for the period includes an unrealised foreign exchange loss of NOK44.4 million.
Aker Exploration has entered into all major third party contracts for exploration services. The company has agreed to pay NOK123 million to Aker Drilling for installation of third party equipment on Aker Barents
In the 20th Round awards announced on April 30, 2009, Aker Exploration was awarded participating interests in four licenses comprising of one in the Barents Sea and three in the Norwegian Sea with participating interests ranging between 20% and 30%.
