Gohta appraisal – preliminary results
Stavanger, 21 July 2014: The first appraisal well in the Gohta oil discovery is nearing completion. The well confirmed presence of oil and gas as expected and two production tests were undertaken. The test of the gas zone was positive, whereas the results from the oil zone are non-conclusive. Further evaluation of the discovery is underway and a new appraisal well could be scheduled for 2015.
The appraisal well 7120/1-4S was drilled from the rig Island Innovator in 332 meters of water depth in the Gohta structure in the Barents Sea, 5.3 kilometers north-west from the discovery well 7120/1-3 which was drilled in 2013.
According to previous estimates the contingent resources in the discovery could be 111-232 million barrels of oil equivalents. Based on current assessments the appraisal well will not result in any changes to this estimate.
The appraisal well was drilled to a total depth of 2 490 meters below the sea surface. As expected a reservoir was encountered with gas above oil in Permian carbonates. The reservoir is in younger rocks than that in the discovery well. Data from the appraisal well indicates that there is contact between the two wells and that the gas/oil and oil/water contact are at the same level across the entire structure.
The quality of the gas reservoir is good but the oil zone appears to be of lesser quality than that in the discovery well. Two production tests were performed to further assess reservoir quality and permeability. It was not possible to isolate gas from the flow in the oil zone, and the information from this section is therefore not clear. The test in the gas condensate zone was positive with production rates corresponding to 700 000 Sm3 gas per day.
Noreco Norway AS share in the PL492 Gohta license is 20 per cent. Other partners in the license are Lundin Norway AS (40 per cent and operator) and Det norske oljeselskap ASA (40 per cent).
Contact:
Ørjan Gjerde, CFO (0047 900 35 738)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com