Statoil ASA: Reduced equity share at Agbami following redetermination
(Thomson Reuters ONE) -
Statoil (OSE: STL, NYSE: STO) has received an Expert calculation of revised
tract participations for the Agbami field in Nigeria. Assuming implementation,
this calculation will result in a reduction of 5.17% in Statoil's equity
interest in the field from 20.21% to 15.04%.
Statoil previously initiated arbitration proceedings to set aside interim
decisions made by the Expert. By a decision received by Statoil on 4 November
2015, the arbitration tribunal has declined to set aside the Expert's interim
decisions.
Statoil is currently assessing its position in relation to the Expert's decision
and the decision of the arbitration tribunal.
Statoil has so far made an accrual of NOK 7.5 billion. Assuming implementation
in accordance with the Expert ruling, Statoil will have to compensate other
equity owners at Agbami of about NOK 1.6 billion in addition to the accrual as
of end third quarter 2015. Eventual settlement of any imbalance amount will be
made over time through cash-calls issued by the unit operator.
Contact persons:
Investor Relations
Peter Hutton, senior vice president for Investor Relations,
Tel: +44 7881 918 792
Morten Sven Johannessen, vice president for Investor Relations USA,
Tel: + 1 203 570 2524
Press
Knut Rostad, head of corporate media relations
Tel: +47 905 48 990
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1964901]
Unternehmensinformation / Kurzprofil:
Datum: 06.11.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 432533
Anzahl Zeichen: 2157
contact information:
Town:
Stavanger
Kategorie:
Business News
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