Aker to co-fund Stetind well

Offshore staff

OSLO, Norway --Aker Exploration is set to acquire a 12.5% interest from Chevron in Norwegian Sea production license PL 283.

The license includes the Stetind gas/condensate accumulation discovered northwest of the Norne field in fall 2005. The Norwegian Petroleum Directorate estimates potential resources at 180 MMboe.

Under the proposed agreement, Aker will buy half Chevron's original 25% participation by paying Chevron's expenses for the remaining license obligations. These include a second exploratory well scheduled for early 2008. StatoilHydro is the license operator.

Depending on the result, a third well could follow. The farm-in, subject to approval from the other partners and the Norwegian authorities, would constitute Aker's sixth Norwegian license stake. The company has also applied to the Ministry of Petroleum and Energy to be pre-qualified as a Norwegian sector operator.

11/16/2007