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Statoil Farms Down Stakes In Brazilian Exploration Licences

DOW JONES NEWSWIRES Norwegian oil and gas company Statoil (STO) said Thursday it is farming down 10% and 15%, respectively, of its participating interests in the exploration licences BM-CAL-7 and BM-CAL-10 in the Camamu-Almada basin offshore Brazil to Canadian company Gran Tierra Energy Inc. (GTE). MAIN FACTS: -Both licences are located in the Camamu-Almada basin offshore Brazil. -The transaction is subject to approval by Brazilian authorities and other conditions to closing. -Gareth Burns, senior vice president for Exploration strategy and business development in Statoil says: "This transaction is part of Statoil's continued optimisation process to maximise value and reduce portfolio risk." -The BM-CAL-7 licence is operated by Petrobras (PBR) with 60% equity, while Statoil has a 40% share. -BM-CAL-10 is operated by Statoil with 60% equity and Petrobras holds 40%. -At 1226 GMT shares traded 1.8% higher at NOK127.20. -By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; dominic.chopping@dowjones.com

Stock News for Globetel Comms (GTE)
DateTimeHeadline
09/15/201108:56:35Statoil Farms Down Stakes In Brazilian Exploration Licences
09/12/201111:01:39Americas Petrogas Finds Conventional Oil In Argentina
09/10/201015:33:14Colombia To Grant Rights To Seek Oil, Gas In 78 Areas
06/23/201009:59:52Colombia Government Releases Results Of Oil-Exploration Auction

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