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Statoil Drills Duster In PL248C Off Norway

|Includes:Statoil ASA (STO)

The Norwegian Petroleum Directorate announced that the Statoil-operated wildcat (35/11-16 S), located in PL248C in northern North Sea, is dry. The well will now be permanently plugged and abandoned.

The well was drilled to a vertical depth of 3,211m in a water depth of 367m. The objective of the well was to prove petroleum in Upper Jurassic reservoir rocks of the intra-Draupne formation sandstone. It is located approximately 5.5 km north of the Fram field.

This is the first exploration well in PL248C, which was carved out of PL248 in 2013.

PL248C ownership: Statoil (60%, operator) and Petoro (40%).

In February 2014, Petrolia Norway announced that Statoil did not encounter hydrocarbons in well 25/9-4 Tastaveden located in PL628, offshore Norway.

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Stocks: STO