Det Norske Provides Geitungen Update (Norway)

Det norske oljeselskap ASA has, as partner in PL 265 (20 percent) made an oil discovery on the Geitungen prospect, were Statoil ASA is the operator.

Oil has been encountered and a core sample has been recovered. Drilling operations are ongoing and the final results from the well are thus not yet available.

PL 265/502 (Sverdrup)

The operator Statoil has completed its studies of the wells 16/2-1, 3, 4. The work, which also includes information from other wells drilled in the vicinity of the license, confirms the huge potential of a fractured and/or weathered crystalline basement rocks. Work to improve the understanding of the reservoir with respect to production and distribution is continuing, whilst the prospectivity of the Chalk play is still not clarified. Well 16/2-5, drilled in 2009 into a minor intra-Basement graben, discovered a limited column of hydrocarbons with relatively poor formation characteristics.

On October 21st 2011 the results from the apparisal well (16/2-10) have proven the same excellent quality in the reservoir, and the operator Statoil adjusts the voulume estimates considerably. Statoil estimate that Aldous Major South contains between 900 and 1500 million barrels of recoverable oil, with a most likely volume of 1,2 billion barrels. P.t. Det norske’s share alone represents 26 billion dollars in sales revenue. An additional well on the Aldous North discovery is likely in 2013 and this could add additional resources to the area.

Press Release , August 17, 2012

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