South Tor Pod exploration well proves oil

Oil has been discovered in the South Tor Pod exploration well in Denmark, according to Noreco.

Offshore staff

STAVANGER, Norway -- Oil has been discovered in the South Tor Pod exploration well in Denmark, according to Noreco.

The South Tor Pod well discovered oil-bearing chalks. The discovery is located 5 km (3.1 mi) southeast of the producing South Arne field in Denmark, in license 7/89, which was awarded in 1989. The licensees will now evaluate the size and productivity of the discovery. Noreco's estimate of the size of the prospect before drilling was 32 MMboe.

Hess Denmark APS, operator of license 7/89, is finalizing well operations on the South Tor Pod well.

The purpose of the well was to explore for hydrocarbons in the Upper Cretaceous Chalk within a structural closure as well as an area south of and down flank constituting a potential stratigraphic oil accumulation trap. The well was not formation tested via rig equipment, but extensive reservoir data collection and sampling was conducted. All well objectives were achieved, including a sidetrack to evaluate an upside further south of the primary target, the company says.

The well was drilled to a vertical depth of 2,968 m (9,738 ft) below the sea level and was concluded in the Cretaceous Hod formation.

"We are very pleased about the successful well at South Tor Pod. This is one of a number of exploration wells near our producing fields," says Scott Kerr, Noreco CEO. "Currently, we are drilling two exploration targets near the Brage field in Norway, and also plan to explore around the Siri field in Denmark. These near field exploration wells are important to Noreco as they can add near term production and reserves."

08/08/2008

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