Maersk Oil (UK) Limited (“Maersk Oil”), a subsidiary of Mærsk Olie og Gas AS, has entered into an agreement with ChevronTexaco North Sea Limited (“Chevron”), according to which Maersk Oil will acquire a 25% equity stake in Licence P1025 in the UK Atlantic Margin.

Chevron will retain an operated 65% equity share in the Licence, and Talisman Energy maintains its 10% equity holding.

The licence area covers blocks 213/5 and 214/1 in the Faroe/Shetland Basin. The Licence was awarded in the 19th UK Licencing Round in June 2001.

It is the partnership’s intention to conduct a 2D seismic survey in 2005 to further enhance the understanding of the Capercaillie prospect situated in the Licence. Pending results thereof, an exploration well may be drilled in 2006/2007.

The Capercaillie prospect is in approx. 1,500 meters of water some 200 kilometers north-west of the Shetland Isles.

Press contact: Anders Würtzen, phone: (+45) 33 63 38 80