Maersk Oil buys 20% interest in HKN Energy Ltd.

Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a licence in  Kurdistan Region.

The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output terms, as Maersk Oil explores opportunities in the region.

“We want to gain knowledge and experience of operations in Kurdistan, which is why we have acquired a shareholding in a company already active in the region,” said Jón Ferrier, Head of Business Development and Strategy in Maersk Oil. “In return, we will contribute our technical knowhow and expertise.”

HKN Energy holds a 75% interest in and operatorship of the Sarsang licence area in northern Kurdistan, on the highly prospective Zagros fold belt. HKN Energy drilled one discovery well in 2011 which is expected to be brought into production in 2012. Marathon Oil holds the remaining 25% interest in the licence area.

The parties have agreed not to disclose the terms of the transaction.

About Maersk Oil
Maersk Oil is an international oil and gas company with operated production of about 700,000 barrels of oil equivalent per day offshore Denmark, UK and Qatar, as well as onshore Kazakhstan and Algeria. Exploration activities are ongoing in Angola, Brazil, Norway, the US Gulf of Mexico, Greenland and in producing countries. Turning marginal and challenging fields into commercial successes has been the cornerstone of Maersk Oil’s business since 1962. Maersk Oil focuses on pioneering technologies and harnessing talent to continue to operate safely and successfully, creating value for Partners and host governments. Maersk Oil and its subsidiary companies are part of the Danish A.P. Moller – Maersk Group. For more information about Maersk Oil, please visit our website at www.maerskoil.com.