Statoil: Ormen Lange redetermination process concluded


STAVANGER, NORWAY--(Marketwired - Jun 6, 2013) - After a redetermination process in theOrmen Lange Unit in the Norwegian Sea,Statoil's (OSE: STL, NYSE: STO) revised ownership share in the unit will be25.35%.

Statoil's ownership share in the unit has been adjusted down by 3.57%percentagepoints from today's ownership share of 28.92%.

In accordance with the Unit Operating Agreement a redeterminationprocess hasbeen concluded in the Ormen Lange Unit. The purpose has been to review andwhererelevant revise and re-allocate each unit owners' equity share and capexin theOrmen Lange unit in accordance with the reservoir performance and updatesafterthe field came on stream in 2007.

In order to both reflect the new ownership share and compensate forpreviousoverlift Statoil will be attributed 19.01% of the dry gas productionin theperiod 1 July 2013 to 1 July 2015, and 12.68% from 1 July 2015. Themake upperiod is expected to be finalised during first half 2016.

The corresponding share of condensate production will be 12.68% from 1September2013. The make up period for condensate is expected to be finalized in2015.

Statoil production for the second half of 2013 is estimated to benegativelyimpacted by around 40 000 barrels of oil equivalent per day.

A settlement will be made to take into account the accumulatedinvestments inthe field for which Statoil will be compensated

This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:(i) the releases contained herein are protected by copyright and other applicable laws; and(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Statoil via Thomson Reuters ONE[HUG#1707761]

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