Statoil Completes Exploration Well 34/10-49 S, A and B

Wellbore 34/10-49 A was drilled as a sidetrack from 34/10-49 S. In addition wellbore 34/10-49 S was extended to a new prospect area. This extension is denominated 34/10-49 B.

The objective of the well was to explore the oil and gas potential in sandstones of Late Cretaceous, Early Jurassic and Middle Jurassic age.

The well was planned drilled with two separate paths to explore five targets. The prospects are located 10 km southwest of the Gullfaks field in the North Sea. The deepest path 34/10-49 S and B was drilled to 5480 m and completed in rocks of early Cretaceous age. The sidetrack 34/10-49 A was drilled to 3312 m in rocks of middle Jurassic age. Two smaller oil accumulations of oil were discovered in early to middle Jurassic age.

The Norwegian Petroleum Directorate anticipates the discovery to be 1.5-2 million Sm3 (10-15 million barrels) of recoverable oil equivalents.

The well will now be permanently plugged.

The well was drilled with the Diamond Offshore's semisub, Ocean Vanguard, which will now drill an exploration well for Statoil in production license 128 in the Norwegian Sea.

The licensees in production license 50 are Statoil as operator with 61%; Norsk Hydro Produksion with 9% and Petoro with 30%.