29.11.2010 13:00:00 CET

North Energy confirms hydrocarbons in Stirby


Hydrocarbons have been detected in exploration well 24/12-6 S2 in sands of Middle Jurassic age in PL 341 in the North Sea.  This is the second well in North Energy's drilling programme of eight wells in the period 2010-2012, where the discovery of gas condensate in PL 433 Fogelberg was the first.  The company further plans to drill four exploration wells in 2011.


Drilling has not been completed in Stirby, but so far hydrocarbons have been confirmed in some 70m of sandstone at almost 4900m depth.  Productivity and total amount of hydrocarbons cannot yet be determined.  Further drilling and data collection is now planned before final results can be published.


PL 341 is situated some 25km north of the Gudrun field and 75km north of Sleipner.  The drilling operations are carried out in 120m water depth with the semisubmersible drilling rig Songa Delta.


-          Indications so far are positive and in line with the company's evaluation of prospectively in the license. If further data collection confirms a commercial discovery we are hopeful that a development with tie-in to infrastructure nearby can be realised within few years, says Erik Karlstrøm, North Energy's CEO.


North Energy ASA has 11% license share in PL 341. Other partners are Det norske oljeselskap ASA (operator and 30%), Wintershall Norge ASA (20%), Marathon (12%), GDF SUEZ E&P Norge AS (10%), Bayerngas Produksjon Norge AS (10%) and Talisman Energy Norge AS (7%). North Energy's share was purchased from Talisman in August 2010, approved October 2010.


For more information please contact:
Erik Karlstrøm, CEO: (+47) 476 52 990
Knut Sæberg, CFO: (+47) 918 00 720
Siw Sandvik, Communication Director: (+47) 947 93 075

 This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)