Grevling discovery larger than expected

Det norske oljeselskap ASA, operator Talisman Energy and partner Petoro has discovered between 40 million and 130 million barrels of oil in the Grevling prospect in PL 038D. The appraisal well shows that the discovery is larger than first anticipated.

Prior to drilling operations, Det norske estimated that Grevling could hold between 10 million and 80 million barrels of oil. The appraisal well also shows that the discovery is larger than indicated by the first discovery well.
Det norske increased its ownership stake in Grevling from five percent to 30 percent prior to drilling operations. The company’s net share of the discovery is thus between 12 million and 40 million barrels of oil, which means that Det norske’s share of the discovery could match the volumes it sold in Goliat for MNOK 1,100 last autumn.

Det norske Vice President for Reserves and Area Development, Odd Ragnar Heum, said that it is very positive that the appraisal well confirmed the upside potential in Grevling.
“This is an important discovery for Det norske. The discovery is commercially viable, and a tie back to the Talisman operated Varg field will be considered. If this development solution is selected, a fast-track development of Grevling is possible. Due to the size of the discovery, a stand-alone development will also be considered. Alone, this is a significant discovery, but it is also increases the probability of exploration success in nearby licenses PL 408 and PL 337, where Det norske has scheduled two exploration wells.
Heum said that the two wells on Skardkollen in PL 408 and Storkollen in PL 337, are planned drilled late this year and next year.

Talisman Energy Norge AS drilled the sidetrack appraisal well 15/12-21A as operator of PL 038. The objective for well 15/12-21A was to delineate the 15/12-21 (Grevling) discovery made earlier this year. The well is located in the North Sea in the eastern part of Central Graben, 16 km north of the Varg field and 15 km south of the Sleipner East field.
The appraisal well extended the proven oil column to a total of 188 meters with oil encountered in the same reservoirs as in the original vertical discovery well. The well did not encounter an evident oil-water contact. The first well encountered a total oil column of 133 meter.

The well was drilled to a vertical depth of 3702 meter below sea level.
Both wells were drilled with the jack up Mærsk Guardian in 86 meters water depth.
Operator Talisman Energy holds 40 percent stake in Grevling. Det norske and Petoro both hold an ownership stake of 30 percent.

THE COMPANY HEREBY INVITES INTERESTED PARTIES TO A PRESENTATION OF THE GREVLING DISCOVERY AND ITS IMPACT ON DET NORSKE AT THE COMPANY’S PREMISES AT 09:30 (LOCAL TIME) TODAY
Place: Aker Brygge – Støperigata 2
Entrance: Bryggetorget 1

Investor contacts:
Chief Financial Officer Finn Øistein Nordam; +47 98 28 93 82
Vice President Investor Relations Knut Evensen; +47 950 77 622

Media contact:
CEO Erik Haugane; +47 90 72 16 55
Head of Corporate Communications Torgeir Anda; +47 99 11 22 03