StatoilHydro Proves 20th North Sea Find in 2008

StatoilHydro ASA

The presence of oil and gas in the Pan/Pandora prospect has been proven by StatoilHydro. The find is located south of the Visund field in the North Sea and represents the group's 20th find in 2008.

The purpose of the well was to confirm petroleum in mid-Jurassic rocks. The well was drilled to the Pan segment in a prospect called Pan/Pandora, which is part of the structure defining the east flank of the Visund field.

The prospect is mainly located in production licence 120, but stretches into production license 120B. StatoilHydro is the operator of both production licenses.

"The area south of Visund has a considerable remaining resource potential," said Vice President for Exploration May-Liss Hauknes. "The oil and gas discovery in Pan is therefore important for further exploration and development of this area."

The well confirmed oil and gas in the Brent group. A 35 meter gas column was confirmed above a 25 meter oil column. Extensive data gathering and sampling have been carried out. Sidetrack well 34/8-14 A will now be drilled to the Pandora segment to delineate the find to the north and to improve the evaluation of the resource potential.

The well is the 13th exploration well in production license 120, which was awarded in the ninth licensing round in 1985.

The well was drilled to a vertical depth of 3077 meters below sea level and was completed in the lower Jurassic Drake formation. Water depth in the area is 292 meters.

StatoilHydro is now completing the drilling of exploration well 34/8-14 S in production licenses 120 and 120B, where the discovery was made. The well will be permanently plugged and abandoned.

Drilling was performed by the Borgland Dolphin rig, which will continue the operation in production license 120 by drilling the sidetrack well 34/8-14 A.

The partners in production licenses 120 and 120B are StatoilHydro (operator) (59.06%), Petoro (16.94%), ConocoPhillips (13%) and Total (11%).