Small gas discovery in the Norwegian Sea


Stavanger, 31 August 2011: Norwegian Energy Company ASA (Noreco) is pleased to announce that the drilling of exploration well 6407/5-2S in license PL471 in the Norwegian Sea is about to be completed, and has resulted in a small gas discovery.

The well objectives were to prove hydrocarbons in the Chamonix prospect, a stratigraphic trap in the Upper Cretaceous Lysing Formation and in Cortina, a target in the Jurassic. The Lysing sands were found to be tight but in the Jurassic Rogn & Garn Formations the well proved gas with a gross column of around 40 metres. The well has not been formation tested, but extensive data acquisition including coring and sampling has been carried out, giving important information to de-risk similar nearby prospects. The partners will now evaluate the possibilities for a tie-back of the discovery to existing infrastructure in the area.

The partners in license PL471 are OMV (operator, 50 percent), Noreco (30 percent) and Valiant (20 percent).

Kjetil Bakken, VP Strategy & Investor Relations, +47 91 889 889

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