Norsk Hydro Makes Gas Find in the North Sea

Norsk Hydro has found gas in exploration well 35/2-1 in the north part of the North Sea. The well has proven a large gas deposit and chances for a commercial development are considered good.

Exploration well 35/2-1 was drilled in the Peon prospect, just west of the Agat field at a water depth of 384 meters, by the Odfjell's semisub, Deepsea Trym.

The well was drilled to a total depth of 687 meters and encountered gas in sands from the Pliocene Age.

The find represents a whole new exploration model and is the shallowest exploration well ever drilled in the Norwegian offshore sector.

"We are exceptionally pleased with the drilling results on Peon. Large amounts of gas have been proven and we consider the possibility for a commercial development as good. We'll now evaluate data from the well and plan to test the find next year," said Lars Christian Alsvik, director of Hydro Oil & Energy's Exploration Norway business sector.

The results of the exploration well combined with Hydro's large ownership share in the area are very positive. This is one of the most interesting finds made in the Norwegian offshore sector in recent years. It lies in a little explored area, it verifies a new exploration model and provides the basis for exciting projects and value creation for Hydro and other players in the Norwegian oil industry," said Alsvik.

The "Deepsea Trym" will now sail to the Troll field to drill a production well.

Shareholders in production license 318 are Norsk Hydro as operator with 60%; Petoro with 20% and Idemitsu Petroleum Norge with 20%.

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