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4-Traders Homepage  >  Equities  >  Oslo Bors  >  Statoil ASA    STL   NO0010096985

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Statoil ASA : Statoil farms down in Mozambique licence

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04/02/2013 | 09:14am CET

Statoil has farmed down a 25 % working interest in its operated exploration licence offshore Mozambique to Japanese based INPEX Mozambique, Ltd., a wholly owned subsidiary of INPEX CORPORATION.

The licence, which consists of two blocks, under one licence agreement, is located in areas 2 and 5 offshore Mozambique in the Rovuma basin.

Nick Maden, senior vice president in Exploration international in Statoil.

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first out of two wells in the license will be drilled during 2Q by the drillship Discoverer Americas," says Nick Maden, senior vice president in Exploration international in Statoil.

The blocks are located in a frontier area with a water depth varying between 300 and 2,500 metres. The area covers 8,041 square kilometres.

"Our presence in Mozambique is in line with Statoil's exploration strategy, focusing on early access in a prolific region. Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising," adds Maden.

After the farm-in completion, the block will continue to be operated by Statoil Oil & Gas Mozambique A.S. with a 40% participating interest, the other partners being INPEX Mozambique, Ltd. (25%), Tullow Mozambique Limited (25%), a subsidiary of Tullow Oil and Empresa Nacional de Hidrocarbonetos, E.P., the Mozambican state oil company (10%).

The commercial terms of the transaction are confidential and it is subject to Mozambican government approval.

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Financials ($)
Sales 2017 58 846 M
EBIT 2017 11 254 M
Net income 2017 3 505 M
Debt 2017 18 378 M
Yield 2017 5,00%
P/E ratio 2017 16,32
P/E ratio 2018 13,29
EV / Sales 2017 1,28x
EV / Sales 2018 1,17x
Capitalization 57 014 M
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Mean consensus HOLD
Number of Analysts 33
Average target price 19,0 $
Spread / Average Target 8,3%
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Eldar Sætre President & Chief Executive Officer
Øystein Løseth Chairman
Jannicke Nilsson Chief Operating Officer & Executive Vice President
Hans Jacob Hegge Chief Financial Officer & Executive Vice President
Margareth Øvrum Executive VP-Technology, Projects & Drilling
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1st jan.Capitalization (M$)
STATOIL ASA-6.25%57 014
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NK ROSNEFT' PAO--.--%62 170
GAZPROM PAO--.--%55 366
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