Verdande well will be plugged and abandoned

Stavanger, 2 June 2014: Noreco is in the process of completing drilling of the Verdande well 6608/10-16 (PL484). Although hydrocarbon shows were found in two sections, the well will now be plugged and abandoned without further testing.

The main target of the well was in the Middle Jurassic. Sandstones with hydrocarbon saturation were found, but the reservoir quality was generally poor and it was not possible to demonstrate moveable hydrocarbons.

In the secondary target in Lower Cretaceous oil was found in thin sandstone layers. The oil was sampled for further evaluation.

The well was drilled to a total depth of 4 000 meter below mean sea level with the drilling rig Bredford Dolphin. The well will now be plugged and abandoned, and the results will be analysed in order to further assess the prospectivity in the licence. The results do not at this stage give a basis for evaluating commerciality.

The partners in PL484 are Noreco Norway AS (30 per cent and operator), Dana Petroleum Norway AS (30 per cent), Explora Petroleum AS (30 per cent) and E.ON E&P Norge AS (10 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