Acquisition of licenses from Tullow

Aker BP ASA announces the acquisition of licenses from Tullow Norge AS. The transaction comprises working interest in eight licenses, including 15 percent in the Oda (previously known as Butch) discovery in PL 405.

The transaction strengthens Aker BP’s position in core areas surrounding the Ula, North of Alvheim, Skarv and the Krafla/Askja areas.

The Oda development concept is a tie-in to the Ula field and the discovery is estimated to contain 43 million (gross) barrels of oil equivalent (Source: NPD). The partners are targeting an investment decision in 2016.

The transaction is subject to regulatory approval.