New oil and gas discovery for Noreco>
New oil and gas discovery for Noreco
(Thomson Reuters ONE) - Stavanger 8 July, 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), Noreco announces an oil and gas discovery in the Grosbeakprospect in Norway, where Noreco holds a 20% interest.- Grosbeak is a very promising discovery that is important to Noreco,says Lars Fosvold, Vice President Exploration .Hydrocarbons were found in both targets for the well. The preliminaryvolume for the discovery is estimated to be between 35 and 190million barrels of recoverable oil equivalents.- The successful results from this well has increased the likelihoodof additional discoveries on the license, and the total resourcepotential to Noreco is in excess of 100 million barrels of oilequivalents net, says Lars Fosvold.In addition to Grosbeak, there are 4 main prospects and 7 smallerprospects in the license. The volume potential in the remaining 4main prospects is substantial and estimated to be up to 375 millionbarrels of recoverable oil equivalents gross. Noreco also owns 20% ofthe neighboring license PL417 and is therefore well positioned inthis prospective area, see attached map. The license is close toexisting infrastructure.The Grosbeak well is part of Noreco's selective exploration programwhich focuses on exploration wells that have a high value creationpotential for Noreco. Noreco has made three discoveries in 2009, Gitain Denmark, Gygrid in the Norwegian Sea and Grosbeak which wasannounced today. The next well will be in the Noreco operated PL412where the Tasta prospect (see attached) will be drilled. The Tastawell is expected to spud in August and results are expected by end Q32009.Facts about the Grosbeak exploration well, 35/12-2:Grosbeak is located in production license 378 where Noreco holds a20% interest and Wintershall Norge ASA is the operator. Productionlicense 378 was awarded in APA2005 and Grosbeak is the firstexploration well in the license.35/12-2 was drilled to a vertical depth of 2512 m below the seasurface and was concluded in the Rannoch Formation in the MiddleJurassic. The well was drilled in 360 meters of water using the SongaDelta drilling vessel.The objective of the well was to test the hydrocarbon potential inthe Sognefjord Formation and Fensfjord Formation in the UpperJurassic and in the Brent Group in Middle Jurassic. 35/12-2 found oiland gas in the Sognefjord Formation and oil in the Brent Group. Anextensive data collection program has been carried out.For further information, please contact:Scott Kerr, CEO (+47 992 83 890)Einar Gjelsvik, VP Investor Relations (+47 992 83 856)www.noreco.comhttp://hugin.info/138447/R/1327692/312851.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 08.07.2009 - 02:48 Uhr
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