Published November 27, 2012

Dow Jones Newswires

Norwegian oil and gas major Statoil ASA (STO) Tuesday said that operations on the Brugdan II well offshore the Faroe Islands will be temporarily suspended as the winter season approaches.

MAIN FACTS:

-Statoil said the well has drilled into the sub-basalt section, but the primary objective has not yet been reached and the decision to suspend the drilling is based on the expected bad weather when entering the winter season.

-The Faroese authorities have authorised a suspension until end 2013.

-Statoil owns a 50% stake in the Brugdan licence with ExxonMobil Exploration and Production Faroe Islands Ltd. owning 49% and Atlantic Petroleum P/F 1%.

-Shares Monday closed at NOK139.10.

Write to Katarina Gustafsson at katarina.gustafsson@dowjones.com; Twitter: @DowJonesNordics

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Statoil Temporarily Suspends Well Offshore Faroe Islands