Norsk Agip Makes Discovery on Goliath

Norsk Agip found high quality crude oil flowing at 4,300 barrels a day on the Goliath discovery in Block 7122/7-2 offshore Norway in the Barents Sea. The first delineation well was spudded in 1,237 feet of water and is approximately 31 miles Southeast of Snohvit field. The well was drilled to a total depth of 4,595 feet and hit a 230 foot column of 33 degree API oil in Jurassic/Triassic sandstones.

Comprehensive logging and core sampling was undertaken and the well was tested at 4,300 b/d through a 3/4-inch choke. Norsk Agip participates in three other Barents Sea exploration licenses. Estimates of Goliath's recoverable reserves is between 91 million and 250 million barrels. Participants in Goliath include Norsk Agip as operator with a 25% interest, Phillips Petroleum with 25%, Statoil with 20%, Enterprise Oil with 15% and Fortum Petroleum with the remaining 15%.