DONG Drills 2 Successful Sidetracks at Glenlivet Discovery
DONG Energy, operator with 80% interest in license P1195, West of Shetlands, UK, has completed drilling of two successful appraisal sidetracks on the Glenlivet discovery. Partners in license P1195 are Faroe Petroleum and First Oil each with a 10% stake.
The vertical exploration well, 214/30a-2, and the two appraisal sidetracks have proven gas bearing reservoir with excellent reservoir quality. The vertical exploration well and an updip appraisal sidetrack proved the lateral extent of gas saturated reservoir of excellent quality, exceeding expectations. Subsequently, a downdip sidetrack was drilled to acquire samples from the water zone, which will provide important information for the potential future field development.
The drilling operations were carried out by the Transocean Rather and performed without accidents to personnel or environment.
Starting in the year 2000 with no UK presence, DONG Energy today holds interests in nine discoveries and 26 licenses, of which DONG Energy is operator of seven.
Soren Gath Hansen, Executive Vice President in DONG Energy and responsible for the companies E&P business is pleased with the rapid growth in the companies UK-portfolio.
"We have participated in a majority of the discoveries made in the West of Shetland region since our entry in year 2000 and established a strong position in this high potential development area in the UK."
DONG Energy's position in the West of Shetland region has been established by a combination of license awards, swaps and acquisitions. The entry was made with the award of the Cambo exploration license, in which the first oil discovery was made in 2001. DONG Energy has participated successfully in every bidding round since then. In 2004, DONG Energy purchased ConocoPhillips' portfolio in the area, including the Laggan discovery. The company entered Rosebank and Tormore through farm-ins before the two fields were discovered.
Finally, this year DONG Energy entered a swap arrangement with OMV resulting in a stake in the Tornado license immediately before the recent discovery was made.
Soren Gath Hansen continued, "We are still planning further exploration and appraisal activity in the West of Shetland area but our focus is now additionally on monetizing the finds through development of our portfolio in the area."
The content of this announcement does not alter the previously announced expectations for DONG Energy's financial result for 2009 or the announced expected level of investments.
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