Encouraging gas discovery in Ragnarrock Graben (PL 265)

Det norske oljeselskap (DETNOR) has made an encouraging gas discovery in exploration well 16/2-5 in PL 265 on the Ragnarrock Graben prospect.
Preliminary analyses indicate that the gas discovery in Graben could be connected to the previous gas discovery made in basement in well 16/2-4. If this is correct, the chances are good that the necessary volumes for a viable development are present.

A full scale production test was carried out in the gas zone with maximum production of 120 000 scm per day, or 750 boepd, plus some condensate. The reservoir is however complex and consist of conglomerate from the pre Cretaceous. The production could thus vary considerably in different parts of the reservoir.

An additional well is planned drilled in PL 265 and may offer additional information about the gas potential and flow rates in the basement. The information gathered so far indicates that there are considerable amounts of gas present in the license (Basement north and Graben). However, the reservoirs are challenging and more geological and technical work is necessary in order to mature an economical viable development.
Det norske see the results from the well as positive for further development of the resources in PL 265. The gas discovery in 16/2-5 increases the probability that gas is present also in the southern part of basement (Basement south).
This is the fourth exploration well in Production License 265. The well was drilled to a vertical depth of 2 324 meters below sea level and into the basement. The water depth is 109 meter.
Well 16/2-5 was drilled with the drilling facility West Epsilon, which will now sail to the Sleipner Field in PL 025 in the North Sea.

The licensees in PL 265 are:
StatoilHydro Petroleum AS (operator): 40 percent
Petoro AS: 30 percent
Det Norske: 20 percent
Talisman Energy Norge AS: 10 percent

Contacts:
Chief financial officer Finn Øistein Nordam; +47 98 28 93 82
Vice President Investor Relations Knut Evensen; +47 950 77 622