On 3 September Statoil signed a Petronic-Statoil cooperation agreement (a letter of intent) with the intention to find ways to cooperate in oil and gas activities offshore Nicaragua’s Pacific coast.

The consortium (Statoil and Petronic) has also sent a request to the Nicaraguan Ministry of Energy of Mines (MEM) to request start of exclusive negotiations for concession contracts offshore Nicaragua’s Pacific coast. This request is pending MEM approval. This is an early phase, but a first step towards possible exploration activities offshore Nicaragua.

Separately, Geoex International has signed a cooperation agreement with Petronic with the intent to conduct a 2D seismic survey covering an area of 32,000 square kilometres off Nicaragua’s Pacific coast. Contrary to what some recent media reports indicate, Statoil is not party to this agreement. For questions about the Geoex- Petronic agreement, please contact Geoex International.

About Statoil

Statoil (OSE:STL, NYSE:STO) is an international energy company with operations in 34 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway with approx. 23,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.