Noreco announces gas discovery at Gita
Stavanger, 15 April, 2009: Norwegian Energy Company ASA (Noreco, OSE:NOR),
Hydrocarbons has been discovered in the Gita exploration well in Denmark, where Noreco holds a 12% share.
Hydrocarbons has been discovered in the Gita exploration well in Denmark, where Noreco holds a 12% share.
- The drilling results from the Gita well are very promising and of great importance to Noreco. We have a discovery in Noreco's main target for the well, and the results confirms our view that this can be a major gas discovery with a potential to signifcantly increase Noreco's reserves and contingent resources, says CEO Scott Kerr
- We will now analyze the results to estimate the size of the discovery and the full potential of the Gita, Maja and Amalie resource base, and plan the forward appraisal program, continues Kerr.
Noreco will present its view of the results from the Gita well in a press conference/web cast after the well operations have been completed. Details regarding the presentation will be announced separately.
Facts about Gita-1X well
The Gita prospect straddles the licenses 9/95 Maja and 9/06 Gita in which Noreco holds 12% each. Maersk Oil & Gas AS, as the operator, is currently undertaking P&A of Gita-1X. The purpose of the well was to prove hydrocarbons in the Upper to Middle Jurassic reservoir rocks. The well was drilled as a vertical well to a total depth of 5162 meters below sea level with the jackup rig Ensco 101. The well encountered Middle Jurassic sandstone layers containing hydrocarbons. A number of measurements were carried out for further evaluation of the result of the well.
Noreco also owns a 30% interest in the nearby Amalie Middle Jurassic sandstone gas condensate discovery. See attached map.
Noreco acquired its 12% interest in both licenses in 2008. The other license partners in license 9/95 is Maersk Oil & Gas A/S (31.2% interest), PA Resources AB (26.8%), DONG E&P A/S (20%) and Danoil Exploration (10%). In license 9/06 the other license partners are Maersk Oil & Gas A/S (31.2% interest), PA Resources AB (26.8%), Nordsøfonden (20%) and Danoil Exploration (10%)
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)