Statoil: Significant Gullfaks discovery


STAVANGER, NORWAY--(Marketwired - Apr 19, 2013) - Statoil (OSE:STL, NYSE:STO) and partnerPetoro have proven considerableadditional resources in the Shetland Group/Lista Formation in the Gullfakslicence.

The Shetland Group and the Lista Formation are younger and slightlyshallowerdeposits with different properties compared to the deposits of the BrentGroupwhere the Gullfaks main reservoirs are located.

Indications of hydrocarbons in the Shetland Group/Lista Formation in theGullfaks licence have been known for a long time, but they have not yetbeendeveloped due to poor reservoir qualities. A new well test in this intervalhowever indicates good flow rates.

"The discovery provides new volumes that can give high-value production inashort time as well as new and promising perspectives for the field and theinstallations," says Øystein Michelsen, executive vice president forDevelopmentand Production Norway. "This is a result of Statoil's strategy forrevitalisation of the Norwegian continental shelf."

Production well 34/10-A-8 on the Gullfaks A platform, where the well testiscarried out, currently provides a high and stable production of 7500barrels/day. The well has produced nearly 1 million barrels since December2012.

Preliminary calculations based on interpretation, modelling, formationtestingand sampling in the relevant interval indicate that the discovery containsinthe range of 40-150 million recoverable barrels of oil equivalents.However,this resource estimate involves a high degree of uncertainty. Our modelsindicate further upside potential,data gathering and studies are currentlyongoing to clarify the potential and further development of theseresources.

Located in the Tampen area in the northern North Sea, Gullfaks came onstream on22 December 1986. The field development consists of three permanentinstallations, which have produced more than 2.4 billion barrels of oil andmorethan 56 billion cubic metres of gas.

The licensees of the Gullfaks Field are Statoil as operator with 70% andpartnerPetoro with 30%.

This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.

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(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Statoil via Thomson Reuters ONE



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