2011-05-31-2011-05-13

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To acquire 49% WI in Chelm and Werbkowice exploration concessions in Poland covering 2,157 kilometers in Lublin Basin.

French oil major Total SA (NYSE: TOT) has entered into an agreement with ExxonMobil, Irving, Texas, (NYSE: XOM) to farm into the Chelm and Werbkowice exploration concessions with a 49% interest.

ExxonMobil and Total will form a partnership operated by ExxonMobil, which retains a 51% interest. The entry is part of Total goal to expanding activities in unconventional gas, notably in Europe, a growth segment of the group.

Awarded for a period of five years from March 2009 and December 2008 respectively, the Chelm and Werbkowice exploration concessions are in the Lublin Basin in southeastern Poland and cover 1,162 square kilometers and 995 square kilometers, respectivaly. The work program for each concession comprises acquisition of seismic data, drilling of an exploratory well and a production test if drilling results are encouraging.

To date, ExxonMobil has already performed seismic acquisition works, as well as the drilling of an exploratory well on the Chelm concession currently being evaluated.