First phase of appraisal of the Huntington discovery completed
Stavanger, 11 February, 2008: Norwegian Energy Company ASA (Noreco) (OSE:NOR), The first phase of the appraisal of the Paleocene Forties sand and the Upper Jurassic Fulmar sand in multiple zone Huntington discovery in UK has been completed.
The operator Oilexco today announced an update of the Huntington appraisal activities (see attached file). Noreco owns 20% of the discovery. An extensive appraisal programme for the Forties oil accumulation has been completed, and appraisal of the Fulmar oil accumulation is on its way. Further appraisal activity will be required to conclude on the full potential of the lower zones of the field. Fast track development options for the field are now being studied and tender for long lead items are being issued.
- We are pleased with the progress of the appraisal program at Huntington. The two first wells in the program has moved the field closer to development, and we are now looking forward to work with our partners on a rapid development of the field, says CEO Scott Kerr.
Background information:
Noreco became a 20% owner of license P1114 in UK through the acquisition of Altinex ASA last year. The other owners of the license are Oilexco North Sea Limited (40 %, operator) E.ON Ruhrgas UK Exploration and Production Limited (25%), and Carrizo Oil and Gas, Inc (15%). The license is located in the central part of the UK North Sea, close to existing fields and established infrastructure. The license contains the Huntington discovery, where two significant discoveries in reservoir of Paleocene (Forties formation) and Jurassic (Fulmar formation) age were made in June 2007. There is also a previous oil discovery in Triassic reservoirs in the license.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)