Energy Resource takes 20% stake in Gulf deepwater Telemark discovery - March 20, 2005

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 2005

Vol. 10, No. 12

Week of March 20, 2005

Energy Resource takes 20% stake in Gulf deepwater Telemark discovery

Energy Resource Technology, a subsidiary of Cal Dive International, has taken a 30 percent working interest in Telemark, a Gulf of Mexico deepwater discovery operated by Norsk Hydro USA Oil & Gas, Cal Dive said March 15.

The Telemark development is located in 4,300 feet of water at Atwater block 63 and was discovered in the year 2000 under the prospect name Champlain. The project is currently in the preliminary engineering design phase of development.

Cal Dive, which holds a 70 percent stake in Telemark, has been active in the deepwater Gulf during the past three years with its 20 percent working interest in the Gunnison Spar development, a 50 percent interest in the Marco Polo tension leg platform and a 20 percent stake in Independence Hub.

—Ray Tyson

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