Statoil Discovers Oil in PL 089, Norway

Statoil Petroleum AS, operator of production licence 089, has concluded the drilling of observation well 34/7-H-2 H. The well was drilled between Vigdis and Snorre in the northern part of the North Sea.

The objective of the well was to prove petroleum in Lower Jurassic reservoir rocks (the Cook formation), as well as to collect data in order to assess further development of the area.

The well proved a 24-metre oil column in the Cook formation with somewhat poorer reservoir quality than expected. The size of the discovery is still being assessed. The discovery is being evaluated regarding whether or not it may be commercially interesting.

The well was not formation-tested, but extensive data acquisition and sampling have been carried out.

The well was drilled to a vertical depth of 2546 metres below the sea surface, and was terminated in the Amundsen formation from the Early Jurassic Age. Water depth at the site is 292 metres.

The well was drilled by the Bideford Dolphin drilling rig from a subsea template on Vigdis northeast. The well will now be plugged back and side-tracked to Vigdis northeast as a water injection well.

The licensees in production licence 089 are Statoil (operator), Petoro, ExxonMobil, Idemitsu and RWE Dea.

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Press Release, June 5, 2013