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Statoil a partner in 65-165 million barrel Wisting discovery

STAVANGER -- Statoil is a partner in the OMV-operated Wisting Central oil discovery in the Hoop area. This represents a new oil play in the Norwegian Barents Sea.

Statoil plans to drill two operated wells in the same area in 2014—the Atlantis and Apollo prospects in PL615 situated approximately 50 kilometres north of PL537.

"The oil discovery in Wisting Central is encouraging for our upcoming drilling operations in the Hoop area. In the Apollo prospect we will actually target the same geological formation as in the Wisting Central well," says Gro Haatvedt, Statoil senior vice president for exploration Norway.

Well 7324/8-1 in PL537, drilled by the drilling rig Leiv Eriksson, has penetrated an oil column of about 50-60 metres. The estimated recoverable volumes in Wisting Central are in the range of 65-165 million barrels of oil. After completion of operations, the partnership will drill a second well (7324/7-1 Wisting Alternative) in the same licence.

As late as 2011 Statoil proved a new oil play with the Skrugard and Havis (now Johan Castberg) discoveries. Statoil, as operator of PL608, is currently drilling the Iskrystall prospect. This licence is also located in the Johan Castberg area.

Exploration well 7324/8-1 is situated in PL537. OMV Norge AS is the operator and holds 25%. Statoil is a partner with a 15% interest. Other partners in the license are Petoro AS (20%), Idemitsu Petroleum Norge AS (20%) and Tullow Oil Norge AS (20%). Statoil farmed in to PL537 in 2010.



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