Statoil Plans To Acquire Gulf Assets From Plains Exploration

A subsidiary of Statoil ASA, Stavanger, Norway, (NYSE: STO) plans to acquire assets in the Gulf of Mexico from Plains Exploration & Production Co., Houston, (NYSE: PXP) for US$700 million. The assets are in the Greater Tahiti area and include a 12.5% working interest in the Chevron-operated Big Foot discovery, a 17.5% working interest in the Shell-operated Caesar discovery and a 12.5% working interest in the Big Foot North prospect comprised of four deepwater lease blocks, Green Canyon blocks 683 and 952 and Walker Ridge blocks 28 and 29. Plains Exploration has also granted Statoil negotiation rights with respect to future sales of other Plains Exploration Gulf of Mexico assets.