Statoil Gets Okay to Drill Exploration Well on License 314

Statoil ASA has received consent to carry out exploration drilling using the West Alpha semisub. The consent applies to appraisal well 6406/3-7, which is part of production license 314.

The plan is to start the drilling activity after completion of drill well 6506/11-8, estimated at the beginning of July 2006.

The drilling activity is expected to take 92 days. An additional approx. 40 days may be needed for production testing. After the drilling operation is complete, the well will be permanently plugged.

The rig received an Acknowledgement of Compliance (AoC) in December 2001.

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