Statoil Announces Successful Well On Kristin Field

Statoil reports that oil has been discovered on exploration well 6506/11-7 in the M structure of production licence 134B, about 6 miles north of its Kristin field in the Norwegian Sea.

Saipem's Scarabeo 5 drilled the well to a total depth of 1,621 feet below sea level in 1,167 feet of water, and encountered oil under high pressure in Jurassic sandstones. More than 300 feet of cores have been retrieved, and extensive logging carried out.

Production testing of the discovery recovered light oil from two different reservoir levels. The well was spudded on 15 January, and the rig is due to leave the site at the end of July.