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CNR Sale of Angolan Interests

Agreement signed with Maersk Oil

Denmark - June 2005

Mærsk Olie og Gas AS ("Maersk Oil") announced that it had purchased from Canadian Natural Resources Limited the 50% interest of CNR Ranger (Angola) Limited in the Production Sharing Agreement for Block 16, offshore Angola.

Other partners in the Production Sharing Agreement are Sonangol (20%), Devon (15%) and Odebrecht (15%).

Block 16 covers an area of some 4,900 square kilometres and is situated in water depths of 200-1500 metres, some 100 kilometres from the coast. The block lies between Blocks 15 and 17, in both of which multi-billion barrel oil discoveries have been made. The companies will carry out an agreed exploration work programme in the area.

The transaction is subject to regulatory approvals.

Stellar acted as advisor to CNR for the sale.