Det norske discovers oil, gas on Draupne

Det norske oljeselskap has discovered oil and gas on Draupne (production license 001B).

Offshore Staff

TRONDHEIM, Norway -- Det norske oljeselskap has discovered oil and gas on Draupne (production license 001B).

SemisubmersibleBredford Dolphin drilled the well to a vertical depth of 2,511 m (8,238 ft), encountering 44-m (1,732-ft) thick sandstone from the Middle Jurassic period. The partners plan further mapping and analysis before an appraisal well is spud. The discovery well will be plugged and abandoned.

The Draupne well has proven recoverable resources between 4 to 5 MMcmoe (141 to 177 MMcfoe) which, together with two other discoveries located in the area (Hanz and West Cable), may contain 90 MMbbl of recoverable resources of oil and gas.

"We will now proceed to analyze the well results and most likely drill an appraisal well in 2009," says Erik Haugane, Det norske's CEO. "The discovery is interesting, but the final size and commercial potential are dependent upon the results of further analyses. It is likely that this discovery will lay the foundation for commercial recovery of two adjacent earlier oil discoveries, Hanz and West Cable. Moreover, Lundin's discovery, Luno, is located in the vicinity of Draupne, enabling a possible joint development."

04/16/2008

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