Gohta oil discovery in the Barents Sea to be tested

Stavanger, 10 September 2013: Noreco Norway AS, a 100% owned subsidiary of Norwegian Energy Company ASA (Noreco), partner on licence PL492, has been informed by the operator Lundin Norway AS on the progress of the drilling of exploration well 7120/1-3. The well is targeting the Gohta prospect, which is situated 35 km northwest of the Snøhvit field in the Barents Sea, offshore northern Norway.

The main objectives of the well are to prove oil in two separate targets; Triassic sandstones and Permian carbonates.

In the Permian target the well encountered a 75m oil column beneath a 25 m gas/condensate column in dolomitized and karstified carbonate. The well is cored, logged and sampled for fluids. Further dynamic sampling is needed to unfold the flow properties. The well is planned to be tested.

The well encountered sandstone in accordance with prognosis in the Triassic target, but the reservoir was water-filled. 

The semi-submersible drilling rig Transocean Arctic drilled the well in a water depth of 342 meters, to a TD of 2515 m TVDSS.

Lundin Norway is the operator of PL492 with 40 percent interest. Partners are Det Norske AS with 40 percent interest and Norwegian Energy Company ASA with 20 percent interest.

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 60 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com