Shetland licence farm-in

February 26, 2004, 13:00 CET

A 30 per cent interest in licence P1026 on the UK continental shelf west of Shetland has been acquired by Statoil under a farm-in agreement with operator ChevronTexaco.

This acreage covers blocks 213/26 and 213/27, which contain the Rosebank and Lochnagar prospects 150 kilometres from land on the Atlantic margin.

As part of the deal, Dansk Olie og Naturgas (Dong) is also acquiring 10 per cent of the licence. OMV retains 20 per cent and ChevronTexaco 40 per cent.

The partners plan to drill an exploration well in block 213/27 this summer, and a letter of intent has been issued to Smedvig Offshore to use the West Navigator drill ship.