Farms into North Sea exploration acreage

April 3, 2009, 09:35 CEST

StatoilHydro will acquire a 30 percent interest in exploration licences PL359 and PL410, both located in the Utsira High area, plus a 10 percent interest in PL409.

The licences are located close to the Luno discovery in PL338, the Ragnarrock discovery in PL265 and existing StatoilHydro-operated infrastructure on Sleipner and Grane fields.

"This transaction is another step towards strengthening StatoilHydro's position in an attractive exploration area on the Norwegian continental shelf where several interesting discoveries have been made in recent years," says senior vice president for exploration on the Norwegian continental shelf, Tove Stuhr Sjøblom.

The agreement also involves a swap of rig capacity between StatoilHydro and Lundin Petroleum.

The implementation of the agreement is subject to the approval of government authorities.

The present ownership structure:
PL359: Lundin Petroleum 70% (operator), Premier Oil Norge AS 30%
PL409: Lundin Petroleum 100% (operator)
PL410: Lundin Petroleum 100% (operator)