'Significant' North Sea Gas/Condensate Discovery for Statoil

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Statoil announced Monday that it has made a 'significant' gas and condensate discovery at its King Lear prospect in the southern part of the Norwegian North Sea.

Statoil said that exploration well 2/4-21, which was drilled by the jackup rig Maersk Gallant (350' ILC), found a 157.5-foot gas/condensate column in the main bore and an additional 230-foot column in the side track well 2/4-21A. The firm estimates total volumes in King Lear to be between 70 and 200 million barrels of oil equivalent.
"Statoil had earlier defined King Lear as a potential high-impact prospect. The drill results confirm our expectations and show once again that the Norwegian continental shelf still delivers high value barrels," Gro Gunleiksrud Haatvedt, Statoil's senior vice president for exploration in Norway, said in a statement.
"King Lear lies approximately [13 miles] north of the Ekofisk field. It is encouraging to see that this part of the Norwegian continental shelf – home to the first commercial oil find in Norway – is still delivering significant discoveries," continued Haatvedt.
Statoil is the operator for production licenses PL146 and PL333, which cover the King Lear find, and holds a 77.8-percent share. Partner Total E&P Norge holds the remaining 22.8 percent.
The King Lear discovery is the eighth high-impact discovery made by Statoil during the past 15 months. The others include: Zafarani and Lavani in Tanzania; Skrugard and Havis in the Barents Sea; Johan Sverdrup in the North Sea; and Peregrino South and Pao de Acucar in Brazil.


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