Statoil Farms Down Stakes In Brazilian Exploration Licences

Date : 09/15/2011 @ 8:56AM
Source : Dow Jones News
Stock : Gran Tierra Energy Inc. (GTE)
Quote : 2.52  -0.05 (-1.95%) @ 4:00PM

Statoil Farms Down Stakes In Brazilian Exploration Licences

Statoil Asa (NYSE:STO)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more Statoil Asa Charts.
   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).

 
   MAIN FACTS: 

-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; dominic.chopping@dowjones.com




Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.