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Statoil ASA's Management Hosts Exploration Seminar (Transcript)

Please note that questions can be posted by means of telephone only not directly from the web. The dial-in numbers for posting questions can be found on the website. All the presentations are published on statoil.com. I currently ask you to make special note of the information regarding forward-looking statements, which is attached to the presentations.

It is now my privilege to introduce Statoil’s Executive Vice President for Exploration, Mr. Tim Dodson. Please.

Tim Dodson – Executive Vice President, Exploration

Thank you, (Hilda) and good afternoon and good morning to everyone wherever you might be. And welcome to Statoil’s exploration seminar and I guess we couldn’t have picked a much better day, a little bit fortunate with that, but that's how it is sometimes. Luck does play some part in exploration, but hopefully as we will be able to demonstrate to you through the next three hours is not only about luck.

And of course what I am thinking about is the updated information on the Pao de Acucar discovery in the Campos basin in Brazil. We issued a press release at 12 o’clock as do the operator Repsol, where we have communicated significant upgrade in volumes for the pre-salt discovery in the Campos basin. And as you have probably seen, we are now communicating volumes of more than 700 million barrels recoverable of light oil and 3 TCF of gas. And for those of you who need a conversion fact of that, so you can multiply by 180 to get barrels of oil equivalents. So, this in itself is a joint discovery, more than 1 billion barrels, very significant in itself, but as stated also in the press release, very important for our position otherwise in Brazil. And we think also very important for the acreage, which we picked up in the Angola, the pre-salt acreage which we picked up there at the end of 2011.

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