NPD Ups Goliat Resource Estimate

Subsequent to the drilling of exploration well 7122/7-3, the Norwegian Petroleum Directorate has made an upward adjustment of the estimated proven resources in the Goliat discovery in production license 229. The new estimate indicates approximately 250 million barrels of oil equivalents, made up of approximately 75 percent oil and 25 percent gas. The resources in the Kobbe formation account for the largest portion of this estimate.

In addition to the fact that well 7122/7-3 proved considerably greater resources in the Goliat discovery, the discovery in the deeper formation is considered very positive, as it proves a previously unconfirmed petroleum potential in this part of the Hammerfest basin. The discovery could be significant for future exploration in adjacent parts of the Barents Sea.

Well 7122/7-3 was not production-tested, but extensive logging and core sampling have been done for further evaluation. Additional drilling is planned within the production license in 2006.

The Eirik Raude drilling facility will be taken over by Statoil for drilling of wildcat well 7227/11-1 S on the Uranus structure in production license 202.

Licensees in production license 229 are Eni Norge as operator with 65%; Statoil with 20% and DNO with 15%.

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