No need for further Norwegian Sea Fogelberg find appraisal, partner says

Centrica Resources has upgraded its reserve estimate at the Fogelberg gas condensate field in the Norwegian Sea from 47 MMboe to 68 MMboe according to partner North Energy.

Offshore staff

ALTA, Norway – Centrica Resources has upgraded its reserve estimate at the Fogelberg gas condensate field in the Norwegian Sea from 47 MMboe to 68 MMboe according to partner North Energy.

Fogelberg was discovered last year via well 6506/9-2S in license PL 433.

Erik Karlstrøm, CEO of North Energy, said. “This confirms our earlier assumption that North Energy's first exploration well represents a resource base to justify a profitable development.

“There is no need to invest in several wells before a final development decision is taken. We also support the operator's work towards a solution to find market access to the gas as soon as possible.”

Centrica has performed detailed studies of the reservoir and development opportunities. North Energy has conducted its own reservoir study that supports this work. The company says the partners have opted not to drill appraisal well.

PL 433 is 10 km (6.2 mi) north of the Åsgard field, about 240 km (149 mi) northwest of Kristiansund. Other partners are Petro-Canada Norway, Faroe Petroleum Norway, and E. ON Ruhrgas Norway.

09/16/2011

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