Det Norske Discovers Oil In Aldous Major South Prospect In North Sea

Det norske oljeselskap ASA has together with the operator Statoil ASA and partners Petoro AS and Lundin Norway AS made a high-impact oil discovery on the Aldous Major South prospect (PL 265) in the North Sea. Det norske has a 20 percent ownership interest.

Preliminary volumes are estimated to be between 200 and 400 million barrels of recoverable oil equivalents (boe) for this part of the structure in PL 265. This discovery, made by well 16/2-8, represents between 40 and 80 million boe net to Det norske. Det norske sees potential for additional volumes in the license, both to the north and to the south of the discovery.

Det norske's CEO Erik Haugane commented: 'To participate in an oil discovery of this size and quality is very pleasing and something we have dreamt of ever since we established Det norske in 2005.

"This discovery is of high value for our shareholders and will have a major impact on the future development of the company. It proves that it is still possible to make large discoveries on the NCS, also in mature areas.

"Det norske is well positioned in this area, which now has been confirmed as the largest growth area on the Norwegian Continental Shelf. With the Krafla discovery made this spring, the Norvarg gas discovery and the new major oil discovery in Aldous Major South, the company has had a tremendous exploration year."

Well 16/2-8 has identified an approximately 65 meter oil column in sandstones from the Jurassic age and the acquired data confirms that this is a reservoir of excellent quality.

Aldous Major South is located due west of Lundin's Avaldsnes discovery (PL 501) and approximately 20 kilometers southeast of the Draupne discovery, where Det norske is the operator. Data from well 16/2-8 on Aldous Major South indicate the same oil-water contact as in the Avaldsnes discovery, made in the adjacent license and this suggests the likelihood of communication between the two structures.

Following data sampling, the well will be permanently plugged and abandoned. Semi submersible drilling rig Transocean Leader will then head north to start drilling well 16/2-9, targeting the Aldous Major North prospect. This prospect also has a significant volume potential. Well 16/2-9 primary objective is to identify additional upper Jurassic sandstones of the same type that was encountered in Aldous Major South.

The PL 265 partnership consists of: Statoil (Operator) 40 percent, Petoro 30 percent, Det norske 20 percent and Lundin 10 percent