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    1. Drilling & Completion

    Statoil spuds exploration well between Sverdrup and Aldous discoveries

    July 27, 2012
    Statoil Petroleum AS (OSE:STL, NYSE:STO) has spudded exploration well 16/2-12 in the Norwegian North Sea license PL265.

    Offshore staff

    STOCKHOLM, Sweden –Statoil Petroleum AS(OSE:STL, NYSE:STO) has spudded exploration well 16/2-12 in the Norwegian North Sea license PL265. The well targets the Geitungen structure and is between the Johan Sverdrup discovery and the 16/2-9s Aldous Major North discovery.

    The main objective is to prove the presence of oil in Jurassic sandstones similar to the Johan Sverdrup discovery.

    The planned TD is 2,060 m (6,759 ft) below mean sea level. The well will be drilled with the drilling rigOcean Vanguard and the duration is expected to be 40 days.

    Lundin Norway holds 10% interest in PL265. Partners are Statoil (operator) with 40%, Petoro (30%), and Det norske oljeselskap ASA (20%).

    7/27/2012