News and Media | Discovers Oil on Draupne |
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| Wednesday, 16 April 2008 00:00 |
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The Norwegian Petroleum Directorate announced today that Det norske oljeselskap ASA ("DETNOR") has discovered oil and gas on Draupne (Production License 001B). Det norske has a 35% interest in the license. Det norske believes this to be a commercial discovery.
CEO Erik Haugane of Det norske states that the results of the discovery are definitely encouraging for the company: - We will now proceed to analyze the well results and most likely drill an appraisal well in 2009. The discovery is interesting, but the final size and commercial potential are dependent upon the results of further analyses. It is likely that this discovery will lay the foundation for commercial recovery of two adjacent earlier oil discoveries, Hanz and West Cable. Moreover, Lundin's discovery, Luno, is located in the vicinity of Draupne, enabling a possible joint development. Oil and gas were encountered in 44-m thick sandstone from the Middle Jurassic period. The oil-water contact was not detected. The discovery is situated deeper than what was stipulated by the original prognosis, and the license partners have determined that further mapping and analysis is necessary before the location of an appraisal well may be concluded. Consequently, the well will now be plugged and abandoned. The Draupne well has proven recoverable resources between 4 and 5 million standard cubic meters (MSm3) of oil equivalents which, together with two other discoveries located in the area (Hanz and West Cable), may contain recoverable resources of oil and gas corresponding to 90 million barrels. The licensees in Hanz and West Cable are the same as those in Draupne. Det norske will now consider a number of joint development scenarios in the area. This part of the North Sea contains several fields in production as well as discoveries under evaluation. About the drilling operation A data acquisition of core samples and liquid samples has been completed. The well is the ninth exploration well in Production License 001B. The well was drilled to a vertical depth of 2,511 meters below sea level. The sea depth was 111 meters. The well was drilled with the semi-submersible drilling facility Bredford Dolphin. Licensees in Draupne are Det norske with a 35% interest, StatoilHydro with 50%, and PA Resources with 15%. Contacts:
About Det norske: Det norske is the second-largest operating company on the Norwegian Continental Shelf with 23 operatorships and interests in a total of 46 licenses. In 2007, the company drilled five exploration wells. Det norske`s scope of activities is limited to the Norwegian Continental Shelf (NCS). Det norske currently employs a staff of more than 100, and the strong growth rate is expected to continue in 2008. The company`s registered office is located in Trondheim. Headquarter functions are divided between Oslo and Trondheim. The company also has offices in Harstad and Stavanger. Det norske oljeselskap (`DETNOR`) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the market capitalization of the company amounted to NOK 3.5 billion. |
