Edison Norge Spuds Haribo Exploration Well

Noreco Norway AS announced that the drilling of the Haribo prospect in Norwegian license PL616 has started. Noreco Norway holds a 20 percent interest in the license.

The Haribo well (2/11-11) is drilled by the drilling rig Transocean Searcher (mid-water semisub). The drilling period is expected to take approximately 45 days.

The Haribo prospect is located 6.2 miles (10 kilometers) south west of the Valhall Field in the Norwegian part of the North Sea. The predicted reservoir is chalk of Upper Cretaceous age in a depth of about 9,514 feet (2,900 meters). Noreco Norway estimates the prospect to contain 69 to 192 million barrels of oil gross on license PL616 with a 42 percent chance of success. These volume and risk estimates are in line with what Noreco Norway has previously communicated to the market.

The joint venture partners in Licence PL616 include Edison Norge (operator with 25 percent), Noreco Norway (20 percent), Concedo (20 percent), Lime Petroleum Norway (15 percent), North Energy (15 percent) and Skagen 44 (5 percent).


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