Altinex Finds Oil with Rau-1

Altinex has completed the drilling of the Rau-1 exploration well in the Danish sector of the North Sea.

The Rau-1 exploration well was drilled with the jackup Noble George Sauvageau as a vertical hole to 2,571 m and encountered movable oil in Palaeocene sandstone reservoirs. Additionally, three deviated sidetracks were drilled to appraise the lateral extent and size of the Rau oil accumulation. All sidetracks found oil and confirmed the reservoir model and the extent of the Rau oil accumulation.

An extensive logging and sampling program was carried out. The reservoir productivity was adequately tested by means of so-called mini-testing which made a full production test unnecessary. All geological objectives were met, and the drilling of the Rau-1 well and the technically challenging sidetracks were successfully completed on time, within budget and without any HSE incidents or accidents to date.

The Rau-1 well including the three sidetracks is now being plugged and abandoned.

Based on preliminary results, Altinex is optimistic with respect to the commercial potential and fast development of the Rau oil discovery. The discovery is located just 9 km southwest of the Cecilie production platform. Altinex will now as operator, on behalf of the license group comprising partners RWE Dea and Nordsøfonden, initiate a comprehensive study to evaluate the size and commerciality of the Rau oil accumulation.

Partners in Danish License 7/06 and the Rau-1 well are: Altinex as operator with 40%; RWE Dea with 40% and Nordsofonden with 20%.

The Rau-1 well is the first well Altinex has drilled as operator in the Danish North Sea, and it is also the first well drilled on a license awarded in the Danish 6th round in May 2006.

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