Statoil Sells Two Production Licenses to Paladin

Interests held by Statoil in two production licenses at the southern end of the Norwegian continental shelf are being sold under an agreement with Paladin Resources Norge. This transaction means that the group is selling its holdings of 30 and 25 percent respectively in Production Licenses 143 and 239. A small oil discovery has been made in the first of these. The two licenses cover blocks 1/2, 4/4 and 4/5 on the boundary with the UK North Sea sector.

This sale forms part of Statoil's strategy of concentrating its efforts on defined core areas, which do not include Production Licenses 143 and 239. Ownership will change hands once the transaction has been approved by the Norwegian authorities.