Gaz de France Increases UK North Sea Position

Gaz de France's UK subsidiary, GDF Britain Ltd, has purchased a package of interests in ten offshore licenses from CGGVeritas, seven in the Central North Sea area and three in the West of Shetlands area of the UK Continental Shelf (UKCS).

The transferred licenses include a 15% interest in an appraisal well operated by Maersk Oil planned for the second quarter of 2007 on the Ockley discovery in block 30/01d, and a 30% interest in an appraisal well operated by Venture Production Company on the Milburn discovery in block 22/22c, to be drilled later this year.

The other assets acquired include a 10% interest in the Handcross prospect in block 204/19c West of Shetlands plus two other licenses in the area, 100% interest in three 23rd Round Licenses and one wholly owned license awarded in the recent 24th Round. A full list is given below.

"This acquisition adds significant potential to areas identified by Gaz de France as key to our expansion in the Central North Sea and West of Shetlands areas of the UKCS. These interests reinforce Gaz de France's ambition to target medium risk assets in the North Sea." said Mark Hughes, Managing Director of GDF Britain Ltd.

License Block Prospect Percentage
P1120 30/01d/TD> OCKLEY 15%
P1320 30/01h OCKLEY 15%
P1221 22/22c MILLBURN 30%
P1369 204/14c HANDCROSS 10%
P1369 204/19c 10%
P1370 204/15 10%
P1305 20/05b 23rd Round 100%
P1310 22/05c 23rd Round 100%
P1317 29/04f 23rd Round 100%
29/04g 24th Round 100%

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