StatoilHydro Unlocks New Hydrocarbon Find at 16/2-5 in North Sea

16/2-5 Discovery Well
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West Epsilon
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More oil and gas have been discovered by StatoilHydro with an exploration well drilled about 35 kilometers east of Gudrun in the North Sea and roughly 30 kilometers south of Grane.

Gas and oil with associated condensate were found in rocks interpreted to be Jurassic or Triassic/Permian.

An exploration well proved gas and oil about 6.5 kilometers further north in the autumn of 2007, and the latest discovery probably forms part of the same hydrocarbon system.

Preliminary estimates put total recoverable gas resources in these two finds at three to 10 billion standard cubic meters (scm).

More detailed studies of collected well data will be needed to evaluate the resources and determine further activity around the discovery.

"This represents a new and exciting play," commented Noralf Steinsland, StatoilHydro's license manager for the North Sea.

"It increases opportunities for further discoveries in a mature area where we have strengthened our position through new licenses and farm-ins."

The discovery well was drilled from the West Epsilon rig to a vertical depth of 2,324 meters beneath the sea surface, in waters 109 meters deep. It will now be permanently plugged and abandoned.

In addition to StatoilHydro, with a 40% holding, the partners in production license 265 are Petoro with 30%, Det Norske Oljeselskap with 20% and Talisman Energy Norway with 10%.

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