14.12.2010 10:06:00 CET
Exploration well 24/12-6 S2 in PL 341 in the North Sea is under completion. This is the second well in North Energy's drilling programme of eight wells in the period 2010-2012, where the gas-condensate discovery in PL 433 Fogelberg was the first. The company further plans to drill four exploration wells in 2011.
The primary target was in the Upper Jurassic at about 4300 meters depth. Only traces of sand and no hydrocarbons were found at this location, and the well was further drilled into the Mid Jurassic target Stirby Deep at about 4870 meters depth. The well here encountered some 100 meters low porosity sand with positive indications of hydrocarbons. Further data collection could not confirm the hydrocarbon saturation or productivity, and the well is now classified as dry.
The well was drilled to a total depth of 5050 meters and ended in the Lower Hugin/Sleipner formation.
"The result is disappointing but has no impact on our exploration drilling programme of eight wells within 2012. North Energy will continue exploration in interesting areas in the North Sea even if our main focus area remains in the North" says Erik Karlstrøm, CEO in North Energy.
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)