Maersk Oil Acquires Stake in Shetland Basin License

Maersk Oil has entered into an agreement with ChevronTexaco North Sea Limited to acquire a 25% equity stake in License P1025 in the UK Atlantic Margin.

Chevron will retain an operated 65% equity share in the License, and Talisman Energy maintains its 10% equity holding.

The license area covers blocks 213/5 and 214/1 in the Faroe/Shetland Basin. The License was awarded in the 19th UK Licensing Round in June 2001.

It is the partnership's intention to conduct a 2D seismic survey in 2005 to further enhance the understanding of the Capercaillie prospect situated in the License. Pending results thereof, an exploration well may be drilled in 2006/2007.

The Capercaillie prospect is in approximately 1,500 meters of water some 200 kilometers northwest of the Shetland Isles.

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