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UK: Gaz de France increases North Sea position with licence blocks purchase

Central North Sea

3rd April 2007

The Gaz de France UK subsidiary, GDF Britain Ltd, has purchased a package of interests in ten offshore licenses from CGG Veritas, seven in the Central North Sea area and three in the West of Shetlands area of the UK Continental Shelf (UKCS). The transferred licenses include a 15% interest in an appraisal well operated by Maersk Oil planned for the second quarter of 2007 on the Ockley discovery in block 30/01d, and a 30% interest in an appraisal well operated by Venture Production Company on the Milburn discovery in block 22/22c, to be drilled later this year. The other assets acquired include a 10% interest in the Handcross prospect in block 204/19c in the West of Shetlands plus two other licenses in the area, 100% interest in three 23rd Round Licenses and one wholly owned license awarded in the recent 24th Round. "This acquisition adds significant potential to areas identified by Gaz de France as key to our expansion in the Central North Sea and West of Shetlands areas of the UKCS. These interests reinforce Gaz de France's ambition to target medium risk assets in the North Sea," said Mark Hughes, Managing Director of GDF Britain Ltd. The licences acquired are: -License P1120 in block 30/01d includes the Ockley prospect 15% -P1320 in block 30/01h includes the Ockley prospect 15% -P1221 in block 22/22c includes the Millburn prospect 30% -P1369 in block 204/14c includes the Handcross prospect 10% -P1369 in block 204/19c 10% -P1370 204/15 10% -P1305 20/05b (23rd Round) 100% -P1310 22/05c (23rd Round) 100% -P1317 29/04f (23rd Round) 100% -29/04g 24th (Round) 100%.

Source: Gaz de France

Stellar acted as advisors to Veritas for the transaction.