Statoil Confirms Extension to Johan Sverdrup Field

Norway's Statoil reported Tuesday that it has confirmed that the Johan Sverdrup field extends into production license 502 after completing appraisal well 16/15-3.

The well was drilled into production license 502, which neighbors PL265 and PL501 where the Johan Sverdrup discovery resides. Statoil said that well 16/15-3 proved a 44-foot oil column in a high-quality Jurassic reservoir and confirmed communication with the rest of the Johan Sverdrup field, which means additional upside to the field's resources.

Øivind Reinertsen, Statoil's senior vice president for Johan Sverdrup field development, commented in a company statement:

"Results of well 16/5-3 will be integrated in the on-going development work for the Johan Sverdrup field. The PL502 volumes will be included in the total resource estimate for Johan Sverdrup which Statoil as pre-unit operator will communicate by the end of 2013."

Meanwhile, Statoil believes that the results of the well indicate there may be further upside potential in the area. The company's vice president for exploration in Norway, Gro Haatvedt, said that new subsurface data indicates further upside potential west of the current outline of the Johan Sverdrup field.

"Later this year Statoil will drill an exploration well in the Cliffhanger prospect in PL265. This will be an important step to clarify and capture the full potential in the Johan Sverdrup area," added Haatvedt.

Statoil is the operator of PL502, with a stake of 44.4 percent. Petoro and Det norske oljeselskap hold interests of 33.3 percent and 22.2 percent respectively.


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