History

Until autumn 2006 the company operated as a consultancy company with expertise in exploration on the Norwegian shelf. After conversion into an oil company, the number of staff was increased and HSE and control systems were established that were adapted to the requirements for a Norwegian oil company. Its application for pre-qualification as a licensee on the Norwegian shelf was granted in April 2007. From the beginning of 2007 the company had a regular staff of eight employees and ever since has had a core staff with sound experience and competence. In 2009 the number of staff was increased to 10, in pace with the scope of our assignments and the number of licences in our portfolio.

The Ministry of Petroleum and Energy awarded licences to Concedo in APA 2007. Concedo received two attractive licences off Mid-Norway, an area in which Concedo's geological competence and experience is very strong.

In 2008 a trade took place whereby Concedo obtained a 5% interest in PL 348. A further 15% interest in PL 485 was exchanged for a corresponding interest in PL 383. Later the company was able to announce its first discovery in PL 348, after drilling an exploration well with two branches. Two segments of the Galtvort prospect were drilled and both were found to be gas-bearing. In 2009 Concedo participated in a second discovery, the Gygrid prospect, which contained 20 to 30 Mboe light oil. A likely commercial development will be a subsea tie-in to either the Njord or Draugen production units.

In the beginning of 2009 Concedo was allocated interests in PL 475 BS which were applied for in APA 2008, which was highly satisfying to the company. At this stage Concedo had a portfolio of six licences: PL 348, PL 383, PL 434, PL 475, PL 475BS and PL 485.

Further, an application for the 20th licensing round was submitted in 2008 of which the company received its first license in the Barents Sea; PL 531. Further growth in the exploration portfolio will be obtained by applications in the APA and concession rounds or upcoming farm-in opportunities.

The company applied for licenses in APA 2009 for an award before the end of the year and is prepared for participation in the upcoming 21st concession round in 2010.