Statoil ASA (STO)

[eFinanceMarkets]

$STO Statoil (STO +1.6%) agrees to acquire an additional 10% interest in the BM-S-8 license in the Santos basin offshore Brazil from Queiroz Galvao Exploracao e Producao for $379M.

STO estimates the BM-S-8 license, which includes a substantial part of the Carcará discovery, holds recoverable volumes of 700M-1.3B boe.

The additional 10% equity increases STO's operated interest in the license to 76% from 66%.