StatoilHydro reaches agreement for Bahamas licenses

StatoilHydro has reached agreement with BPC Ltd. to become the operator of the Zapata, Islamorada, and Falcones licenses in the Cay Sal area of the southwestern Bahamas.

Offshore staff

OSLO -- StatoilHydro has reached agreement with BPC Ltd. to become the operator of the Zapata, Islamorada, and Falcones licenses in the Cay Sal area of the southwestern Bahamas.

Approval and award of the licenses by the Government of the Commonwealth of The Bahamas is still pending.

There is no drilling commitment during the first phase of the license. At the end of the initial three-year license term the holders will have the option to commit to drilling a well in the second phase.

Limited historic 2D seismic and satellite data indicate the presence of several large structures in the license areas, according to StatoilHydro.

05/18/2009

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