Noreco makes gas discovery
Stavanger, 21 May, 2008: Norwegian Energy Company ASA (OSE:NOR),
Gas has been discovered in the first exploration well on the Galtvort prospect in Norway, where Noreco holds a 17.5% share. Drilling on the license is still ongoing, and size of the discovery is not yet decided.
Gas has been discovered in the first exploration well on the Galtvort prospect in Norway, where Noreco holds a 17.5% share. Drilling on the license is still ongoing, and size of the discovery is not yet decided.
- We are very pleased with the encouraging results from the Galtvort well. This opens up further opportunities in this exiting area in mid Norway, says CEO of Noreco, Scott Kerr.
A sidetrack well will now be drilled on the Northern Segment of the Galtvort prospect. A new exploration well on the Gygrid prospect in the same license is planned for Q1 2009.
Facts about well 6407/8-4 S
StatoilHydro Petroleum AS, operator of production licence 348, is in the process of completing the drilling of wildcat well 6407/8-4 S. The well proved gas in sandstone from the middle Jurassic. The well is located 30 kilometres north-east of the Njord field and 9 kilometres northwest of the Draugen field in the Norwegian Sea.
The purpose of the well was to prove petroleum in the middle to lower Jurassic reservoir rock in the southern segment of a prospect called Galtvort.
The size of the discovery has not yet been clarified. A sidestep well will be drilled in the northern segment immediately following the completion of the discovery well. The well has not been formation tested, but comprehensive data acquisition and sampling have been carried out in the reservoir.
The well is the first exploration well in production licence 348, awarded in APA 2004. The well was drilled to a vertical depth of 2632 metres below sea level and terminated in rock of the lower Jurassic age in the Åre formation.
The sea depth at the well's location is 266 metres. The well will now be permanently plugged and abandoned. Well 6407/8-4 S was drilled by the drilling facility West Alpha which will proceed to the drilling of sidestep well 6407/8-4 A in the northern segment of this prospect.
Noreco acquired a 17.5% interest in license PL348 in 2006. The other license partners are StatoilHydro (30%), Gaz de France Norge AS (20%), E.ON Ruhrgas Norge AS (17.5%), Endeavour Energy Norge AS (7.5%) and Petoro (7.5%).
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)