Positive news from Norvarg well in Barents Sea

Total’s appraisal well on the Norvarg discovery in the Barents Sea has encountered hydrocarbons, according to partner Ithaca Energy (TSX:IAE, LSE AIM:IAE).

Offshore staff

CALGARY, Canada – Total’s appraisal well on the Norvarg discovery in the Barents Sea has encountered hydrocarbons, according to partner Ithaca Energy (TSX:IAE, LSE AIM:IAE).

The semisubmersibleLeiv Eirkisson spudded well 7225/3-2 on license PL535 on April 25, in 377 m (1,237 ft) of water. The location is 275 km (171 mi) north of the Hammerfest LNG plant on Melkøya.

Wireline logs, formation testing, and cores confirm hydrocarbons in the Kobbe formation. A drillstem test will follow to assess the quality of the Kobbe reservoir and the volume potential in the northeast part of theNorvarg closure.

Total E&P Norge is operator with 40% interest. Other participants are North Energy, 20%; Ithaca Petroleum Norge, 13%; Statoil, 10%; Det Norske, 10%; and Rocksource Exploration Norway 7%.

The same Ithaca partners were awarded PL535B underNorway’s recent 22nd licensing round. This covers part of block 7225/2, an extension of PL535.

6/24/2013

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