UK asset sale

September 29, 1999, 10:00 CEST

Some of Statoil UK's interests in the British North Sea have been sold to a subsidiary of exploration company Paladin Resources.

Under the GBP 10.5 million sale and purchase agreement, Statoil UK is disposing of its holdings in blocks 13/29b, 20/4b and 28/5a.

This deal, which is subject to approval by the British authorities and pre-emption rights in 20/4b, is part of a portfolio management process aimed at concentrating Statoil's efforts on core areas.

Following the sale, the UK subsidiary no longer has any interests in the Blake field, which extends into block 13/29b, or the Goldeneye discovery, part of which lies in block 20/4b.