Xana Well Spuds Offshore Denmark

Norwegian Energy Company (Noreco) reported Tuesday that the drilling of the Xana exploration well in license 9/95 on the Danish continental shelf has begun.

The Xana well is located close to the Svane gas discovery and is being drilled by the Noble Sam Turner (400' ILC) rig. The main target consists of Upper Jurassic sandstones that are approximately 15,100 feet below the seabed. Noreco said that the estimated time to reach target depth is around 140 days.

Noreco CEO Tommy Sundt said in a company statement:

"While some have had their attention on the company's financial challenges recently, our exploration and operations experts have focused on ongoing business and concentrated on preparations for this exploration well. They have done a good job."

Noreco estimates that the chance of success of the Xana well is 27 percent and that the prospect could contain between 130 and 235 million barrels of oil equivalent, mainly in the form of gas.

Maersk Oil is the operator of the license, with an ownership of 42.6 percent. Noreco holds a 20.1 percent stake, while DONG E&P and Danoil Exploration hold stakes of 27.3 percent and 10 percent respectively.



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