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Firm on plan to acquire Spinnaker

November 1, 2005, 09:30 CET

Hydro expects to conclude the acquisition of Spinnaker in the fourth quarter, it was confirmed in a press release on Tuesday.

Following comments made by Murphy Oil Corporation last week regarding the Front Runner field in the Gulf of Mexico, Hydro has consulted with Spinnaker Exploration Company and has reviewed again with Spinnaker the mid-year reserve information relating to Front Runner.

Based on such review, Hydro is not aware of any material change in the information previously made available to Hydro concerning Front Runner, the press release states.

Hydro expects to conclude the acquisition of Spinnaker in the fourth quarter of 2005.