Shell Accepts Offer of $560M For Working Interest in Holstein Field

The Hague, September 10, 2012 - Royal Dutch Shell plc announced today it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing. Shell received an unsolicited offer from PXP for Shell's working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012. Holstein is a mature deepwater asset and the sale is consistent with Shell's continuing practice of reviewing our existing portfolio and evaluating new opportunities.