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Statoil continues to sell its U.S. portfolio for cash

Staff Writer | August 2, 2016
In the latest transaction, Statoil will divest some of its non-operated interests in West Virginia to Antero Resources Corporation for approximately $96 million in cash.
Energy   Increasing financial flexibility of Statoil
This follows the announcement by Antero on 9 June 2016 of the acquisition of Southwestern Energy Company’s interest in the same assets. Statoil and Antero have agreed on a price equivalent to that agreed between Southwestern and Antero.

The acreage is primarily located in Wetzel, Tyler and Doddridge Counties and is operated by Southwestern. Statoil’s net acreage included in this transaction is approximately 11,500 acres and its average working interest is 19%.

As with the two previous transactions, the divestment increases Statoil’s financial flexibility and allows capital to be focused on core activities in order to maximise value creation.

In the Marcellus Statoil retains its operated properties in the US state of Ohio and its c. 350,000 net acre non-operated position.

The transaction is expected to close by the third quarter of 2016, subject to certain conditions being met.