Statoil says new well confirms Peregrino south discovery

10/25/2012

Statoil says new well confirms Peregrino South discovery

BY KATARINA GUSTAFSON

STAVANGER -- Statoil announced a new well has confirmed significant potential in the Peregrino South oil discovery offshore Brazil.

Statoil has, together with its partner Sinochem, completed drilling the appraisal well on the Peregrino South discovery which aimed to confirm the previous volume estimate for the Peregrino South discovery and secure an optimal development solution for the Peregrino Phase II development.

The results from the well confirm the significant potential in the exploration well that was completed in April last year.

The well encountered about 85 m of high-quality oil filled sandstone reservoir, supporting the current subsurface model.

"We will now continue to work toward a final investment decision to develop this new oil discovery," Kjetil Hove, Statoil's country president in Brazil said in a statement.

Statoil is the operator of the field with a 60% stake, Sinochem owns the remaining 40%.

Dow Jones Newswires

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