Maersk Oil Acquires Stake in Exploration License in Colombia

Maersk Oil has reached an agreement to acquire a 40% interest from Petrobras Colombia Limited in the Tierra Negra exploration license in Colombia.

The license covers an area of 1,110 square kilometers in the Llanos Foothills of the Eastern Cordillera of Colombia. Petrobras will continue as operator, with a 60% interest in the project. The drilling of an exploration well has been planned for 2006.

The assignment of interest is subject to approval by the relevant authorities.