Statoil and PTT Exploration and Production completed the agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in northeast Alberta, Canada.
Following the satisfaction of all conditions precedent and the closing of this transaction, Statoil now owns 100% and continues as operator of the Leismer and Corner development projects with PTTEP owning and operating 100% of the Thornbury, Hangingstone and South Leismer areas.

At the closing of this transaction, Statoil paid to PTTEP the sum of USD 200 million plus a working capital adjustment amount of CAD 238 million.

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.

About PTTEP

PTTEP is a national petroleum exploration and production company dedicating to provide a sustainable petroleum supply to Thailand and the countries we operate as well to bring in foreign exchange earnings to our country.