Total SA Announces Exchange of Assets with Exxon Mobil Corp in the North Sea

Total SA announced an exchange of interests with Exxon Mobil Corp in a range of producing and undeveloped North Sea assets on the Norwegian Continental Shelf. In exchange for its interests in the PL089 license (5.6%) and the Sygna (2.52%), Statfjord Ost (2.8%) and Snorre (6.18%) fields, Total will receive from Exxon Mobil its 4.7% interest in the Oseberg field and its 4.33 % interest in the Oseberg transportation system, together with its interests in the PL029c license (100%) and the PL029b license (30%), which contain part of the Dagny field. In addition, a minor cash compensation will also be paid by Total to Exxon Mobil. Following the assets exchange, Total's interest in the Oseberg field will increase from 10% to 14.7% and in the Dagny field from 6.54% to 39.54%. This exchange is expected to close before the end of 2012.