Statoil Sells 25% Stake in Mozambique Licence To Tullow

08/14/2012| 02:45am US/Eastern

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By Katarina Gustafsson

Norwegian oil and gas company Statoil ASA (>> Statoil ASA) Tuesday said it has sold a 25% stake in an exploration licence offshore Mozambique to U.K.-based oil exploration and production company Tullow Oil PLC (>> Tullow Oil plc).

 
   MAIN FACTS: 

-The licence, which consists of two blocks under one licence agreement, covers 7,800 square kilometers offshore Mozambique in the Rovuma basin with a water depth between 300 and 2,400 meters.

-Statoil operates the licence and retains a 65% working interest after the farm down while the remaining 10% interest is held by Empresa Nacional de Hidrocarbonetos.

-The commercial terms of the transaction are confidential.

-The first well in the licence is scheduled for 2013.

-Statoil shares Monday closed at 147.50 Norwegian kroner ($24.8).

-Write to Katarina Gustafsson at katarina.gustafsson@dowjones.com; Twitter: @DowJonesNordics

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