Tyrihans stake sold

July 4, 2003, 10:00 CEST

A 7.9 per cent holding in the Tyrihans field on the Halten Bank in the Norwegian Sea has been sold by Statoil to Norsk Agip.

In addition to serving as operator for PLs 073 and 091, which embrace this discovery, the group originally had stakes of roughly 55 per cent in both production licences.

The transaction is based on an option agreement with Norsk Agip concerning equity harmonisation between the Tyrihans licensees in relation to the nearby Åsgard and Kristin fields.

Harmonising interests in Halten Bank fields and licences forms part of an integrated Statoil plan for the area.

The aim is to simplify decision-making processes and field operations in order to enhance further development in this part of the Norwegian continental shelf.

Positive results were achieved with the latest well in Tyrihans, which was drilled in the autumn of 2002.

Oil and gas have previously been proven in Tyrihans South, located in PL 073, and Tyrihans North. The latter lies in PL 091.

Plans currently under consideration call for early development of these discoveries as satellites of Åsgard or Kristin.

Following the present transaction, which is subject to approval by the Norwegian authorities, Statoil will be left with 47.1 per cent of PL 091 and 46.767 per cent of PL 073.

Norsk Agip will have 7.9 per cent and Norsk Hydro 12 per cent in each licence, while ExxonMobil retains 33 per cent in PL 091 and Total continues to hold 33.333 per cent of PL 073.