STAVANGER, Norway – Statoil (OSE:STL;NYSE:STO) is completing a wildcat close to its Peon discovery in the North Sea as a dry hole.
TheScarabeo 8 drilled well 35/2-3 on production license 318, 10 km (6.2 mi) southeast of the Peon 35/2-1 gas find, in 351 m (1,151 ft) water depth.
According to the Norwegian Petroleum Directorate, the aim was to prove petroleum in Paleocene reservoir rocks in the Balder and Sele formations. The latter formation was not encountered.
This was the second well on the concession awarded under Norway’s 18th licensing round.
Scarabeo 8 will head north to the Barents Sea to drill for ENI Norge.