Statoil - Operatorship on the Faroes

Tuesday, December 09, 2008

StatoilHydro was awarded operatorship of a large exploration area in the third Faroese Licensing Round on Dec. 8, 2008.

StatoilHydro has a 50% stake in the license. The partners are DONG (30%), Faroe Petroleum (10%) and Atlantic Petroleum (10%). The area covers 5312 square kilometres, the largest license ever to be awarded in Faroese waters.

No drilling commitments are imposed under the license, but StatoilHydro will gather seismic on the acreage. It has three to six years to decide whether to drill an exploration well.

StatoilHydro already has four operatorships on the Faroese continental shelf and is partner in one, which is operated by Chevron.

In addition StatoilHydro has a 30% equity in the Rosebank discovery on the UK continental shelf, 15 km from the UK/Faroese median line, where the partners are currently drilling a fourth appraisal well.

"With this additional license StatoilHydro has an even stronger position in the Faroe Islands" says Rúni M Hansen, head of StatoilHydro operations on the Faroe Islands and Greenland.

StatoilHydro plans to proceed with seismic acquisition on the newly awarded license and integrate the results in the ongoing geological and geophysical work program. A positive outcome of the evaluation will lead to the drilling of a well in one of the licenses.

(www.statoilhydro.com)

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