Statoil Sells Interest in Gro License

Statoil has sold a 10% interest in the Gro license (PL 326) to PGNiG Norway, and the company will pay a cash amount to cover Statoil's exploration costs for the appraisal well currently being drilled. Statoil will keep a 30% interest in the license, which is still subject to governmental approval. The Gro license is located in the Voring Basin on Block 6603/12 in the Norwegian sector of the North Sea. Natural gas was confirmed in the license by an exploration well in June 2009. Shell operates the license, holding a 60% interest.

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