Statoil Farms into BP's South Australian Licenses

Statoil reported Tuesday that it is farming into four BP exploration licenses offshore South Australia.

The four licenses – EPP 37, 38, 39 and 40 – are located in the frontier Ceduna Sub Basin within the Great Australian Bight, off the coast of South Australia. The area covers more than 9,200 square miles.

BP has already completed a 4,600-square mile 3D seismic data survey within the license area and is currently finalizing the processing of this date. According to Statoil, the next steps include the maturation of drillable prospects and environmental studies, with the work program including the drilling of up to four wells within the largely untested license area. BP will remain as operator of the licenses.

"With this agreement we gain access to a vast, underexplored area with high-impact potential," said Pål Haremo, a Statoil senior vice president for exploration.

"This is in line with our strategy, supporting our long term growth ambitions by providing early access at scale in a new and promising basin, positioning us for high impact exploration."

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