PGNiG has agreed a swap deal to acquire a stake in Alve Nord Field (11.92%) and increase its stake in Gina Krog (increased by 3.3% to 11.3%) from Aker BP in exchange for 5% in the Shrek discovery and US$ 51 million. The deal was agreed by 11 February 2020, and is pending government approval. Shrek was discovered by NFW 6507/5-9 S in Norwegian Sea licences PL838 & PL838 B, drilled from 30 August to 27 September 2019 and was followed by a 6507/5-9 A appraisal sidetrack. The NFW encountering an 85m oil and gas column with estimated recoverable resources of 19 to 38 MMboe in 60m net of good to very good quality sandstones in Jurassic Viking, Fangst and Bat groups. US$ 11 million of the US$ 51 million deal consideration being transferred to Aker BP from PGNiG is dependent on Shrek development. North Sea Gina Krog Field spans PLs 029B/C, 048 & 303 in blocks 15/5 & 6. It was discovered by 15/5-1 (1978, NorskHydro, 3,775m) in the Middle Jurassic Hugin Sandstone Formation, and commenced production on 30 June 2017. Original estimated recoverable reserves were 106 MMbo, 420 Bcfg, and 33 MMbNGL. Alva Nord over PL127 C was discovered by NFW 6607/12-2 S (2011, Total, 4,404m), drilled 8km W of Norne field, which encountered oil and gas in Middle Jurassic Fangst Group, Lower Jurassic Bat Group, and Early Cretaceous Lange Formation, with estimated mean contingent resources of 13 MMbo and 170 Bcfg. Current Gina Krog partners are Equinor (58.7% + Op), Kufpec (30%), PGNiG (8%) and Aker BP (3.3%). Shrek partners are PGNiG (40% + Op), Aker BP (30%) and Lime Petroleum (30%). Alve Nord is 100% operated by Aker BP.
Aker BP and PGNiG have agreed to swap some interests in the Skarv area: involved are Aker BP whole 3,3% in Equinor's Gina Krog field + 11,9175% in PL 127C (Alve N.), exchanged for 5% + operatorship in PL 838 (Shrek) and US$62 MM cash.