Statoil Buys 30% Stake in BP Assets - Analyst Blog
15 5월 2013 - 8:30PM
Zacks
Norwegian major Statoil
ASA (STO) has inked an agreement with BP
plc (BP), relating to farming-in 30% equity share in four
exploration licenses, offshore South Australia. The deal amount was
kept confidential.
Located in the frontier Ceduna Sub Basin within the Great
Australian Bight, off the coast of South Australia – the four
licenses EPP 37, 38, 39 and 40 – span an area of over 24,000 square
kilometers.
With 3D seismic survey complete in 12,000 square kilometers in the
license area, BP is currently finalizing the processing of this
data. The subsequent steps involve maturation of drillable
prospects and continued environmental studies.
The work agenda comprises drilling of four wells within the largely
unproven license area. BP will retain the operatorship of the
exploration licenses, even after the farm-out.
The agreement has provided Statoil access to licenses, which are
believed to hold immense potential for a major discovery and are
still under explored. The agreement is in sync with the company’s
strategy of aligning its long-term growth objective by gaining
early access to new and promising basin, thereby positioning it for
high impact exploration.
Per Statoil, high-impact discoveries are defined as those having a
total yield of over 250 million barrels of oil equivalent (boe) or
100 million boe net to the company.
Statoil has been present in Australia since it farmed-in into
Petrofrontier's four existing and two outstanding onshore
exploration permits in the South Georgina Basin of the Northern
Territories through a joint venture project.
Statoil holds a Zacks Rank #3 (Hold). However, there are other
Zacks Ranked #1 (Strong Buy) stocks – Dawson Geophysical
Company (DWSN) and SM Energy Company (SM)
– in the sector that appear rewarding.
BP PLC (BP): Free Stock Analysis Report
DAWSON GEOPHYS (DWSN): Free Stock Analysis Report
SM ENERGY CO (SM): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
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