Statoil Makes Finds at Valemon and Morvin

Gas and condensate have been proven by Statoil on Valemon near the Kvitebjorn field in the North Sea and oil has been proven on Morvin on the Halten Bank north of the Kristin field.

The finds were made during drilling of appraisal wells 34/11-5S (Valemon) and 6506/11-8 (Morvin).

"Developing fields near areas where we already play a leading role is essential to us," says Tim Dodson, senior vice president for the exploration cluster in the Exploration & Production Norway (UPN) business area.

"Even if it is too early to determine the size of the reserves on Valemon and Morvin, these finds support the group's high ambitions for the Norwegian continental shelf."

The appraisal well on Valemon was drilled from the Statoil-operated Kvitebjorn platform. With a total length of 7,380 meters this well is the longest high pressure/high temperature (HPHT) well ever drilled by the group.

"This drilling operation has been highly cost-effective as the well is later to be converted to a production well for Kvitebjorn," says Astrid Sorensen, senior vice president for the Troll/Sleipner business cluster.

"Field development studies of Valemon are currently being made, however, it is too early to say anything about any development of this gas/condensate find. We will look at alternatives involving a separate development and hook-up to another infrastructure," Ms Sorensen says.

The appraisal well on Morvin was drilled from the West Alpha.

"The oil find is interesting and confirms the large potential in the Halten Bank area. Morvin will most likely be developed as a satellite to the Kristin or the Asgard field," Mr. Dodson notes.

The Kvitebjorn (production license 193) licensees are Statoil with 43.55%, Petoro 30%, Hydro 15%, Enterprise Oil Norge 6.45% and Total with 5%.

The Morvin licensees (production license 134B) are Statoil with 50%, ENI 30%, Hydro 14% and total with 6%.

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