DOW JONES NEWSWIRES
Norwegian oil and gas company Statoil (STO) said Thursday it is farming down 10% and 15%, respectively, of its participating interests in the exploration licences BM-CAL-7 and BM-CAL-10 in the Camamu-Almada basin offshore Brazil to Canadian company Gran Tierra Energy Inc. (GTE).
-Both licences are located in the Camamu-Almada basin offshore Brazil.
-The transaction is subject to approval by Brazilian authorities and other conditions to closing.
-Gareth Burns, senior vice president for Exploration strategy and business development in Statoil says: "This transaction is part of Statoil's continued optimisation process to maximise value and reduce portfolio risk."
-The BM-CAL-7 licence is operated by Petrobras (PBR) with 60% equity, while Statoil has a 40% share.
-BM-CAL-10 is operated by Statoil with 60% equity and Petrobras holds 40%.
-At 1226 GMT shares traded 1.8% higher at NOK127.20.
-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; email@example.com