Statoil Receives Approval to Drill Well 6407/6-6

Statoil has received consent from the Petroleum Safety Authority Norway to conduct exploration drilling at well 6407/6-6 with the Ocean Vanguard.

Well 6407/6-6 is situated 21.5 kilometers north of Draugen B. Drilling is expected to commence in early September 2007 and take approximately 48 days.

The Ocean Vanguard received an Acknowledgement of Compliance (AoC) in July 2004.

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