Statoil:High impact gas and condensate discovery in Norwegian North Sea

Statoil ASA (OSE: STL, NYSE:STO 77.8%) said that it and partner Total S.A. (Euronext: FP, NYSE: TOT, 22.2%) have made a high impact discovery with a proven 48-metre gas/condensate column in the main bore and 70 metre column in side-track has been made in King Lear prospect in the southern part of the Norwegian North Sea. Statoil estimates total volumes in between 70 and 200 million barrels of recoverable oil equivalent. The new discovery lies some 20 kilometres north of the major Ekofisk field.

Statoil had high expectations and says that this shows how Norwegian continental shelf can still deliver high value barrels. The drilling was done by the jack-up Maersk (OMX: MAERSK B) Gallant in licenses 146 and 333. The work is done in high-pressure, high-temperature conditions, requiring heavy safety precautions. The company plans appraisal drilling and exploration on other ”interesting prospects” in the licenses.