Oselvar Discovery in the North Sea Proves Positive

Drilling on the appraisal well 1/3-10 on the Oselvar discovery in the Norwegian Shelf of the North Sea is complete, and testing shows flow rates at 530 standard cubic meters per day (scm/d) of oil with 252,000 scm/d of associated gas with no water.

Located in block 1/3, about 12 miles (20 kilometers) from the Gyda field in the Southern North Sea, Oselvar was discovered in the 1990s. Down flank from the discovery well, the 1/3-10 well was drilled by the Maersk Guardian jackup rig in about 236 feet (72 meters) of water. The total depth for the well equals 10,784 feet (3,288 meters), reaching sediments in the Early Paleocene age.

Data confirms the reservoir contains oil/condensate with associated gas with a reservoir thickness of about 164 feet (50 meters). The production test proved better than expected reservoir flow in comparison to previous wells on the Oselvar discovery. With a flow rate of 530 scm/d of oil and 252,000 scm/d of associated gas, the reserve is equivalent to 3,333 barrels of oil a day and 1,587 barrels of oil equivalent gas a day.

Joint Venture partners in the Oselvar discovery include Don E&P Norge AS as operator with 40% interest, PA Resources with 30% interest, NORECO with 15% interest and Revus Energy AS with 15% interest.

Next, the JV will establish oil-water contact for water sampling by drilling a down flank side track, 1/3-10 A. Then, the appraisal well will be plugged and abandoned.

The JV reports that the Maersk Guardian is then scheduled to drill an exploration well at the Ipswich prospect in the summer of 2008, which is south of the Oselvar field but also in production license 274.

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