NPD Confirms 'Very Good Results' from 16/2-14 T2 Well

The Norwegian Petroleum Directorate confirmed Wednesday that Statoil Petroleum has encountered a "very good" quality reservoir at its 16/2-14 well that is being used to appraise the Johan Sverdrup oil discovery in the North Sea.

The NPD also confirmed that an oil column of approximately 98 feet in Upper Jurassic reservoir rocks had been encountered.

Det norske oljeselskap previously announced Tuesday afternoon that it had seen positive results from the well, which is on the Espevaer High part of the Johan Sverdrup discovery in Production License 265.

The purpose of the appraisal well was to determine reservoir properties and thickness, and to acquire important data in shallow sections of the well to serve as part of the planning basis for development. Det norske said the results of the well will eliminate uncertainty regarding reservoir quality of the northern part of the central Johan Sverdrup field.

Det norske holds a 20-percent interest in PL265 where Statoil is the operator with a 40-percent interest. Petoro and Lundin Norway hold 30-percent and 10-percent interests respectively.

Oil was discovered at Johan Sverdrup in the autumn of 2010 in the Upper Jurassic oil reservoir rock. Well 16/2-14 has been drilled approximately 4 miles northwest of the discovery well 16/2-6.



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