Aldous/Avaldsnes could be one of Norway's Top 10 North Sea oil finds

Offshore staff

STAVANGER, Norway – Statoil has confirmed communication between its Aldous and Lundin’s Avaldsnes oil discoveries in the North Sea. The combined recoverable reserves could be in the range 500 MMboe to 1.2 Bboe.

If the upper part of the interval proves further reserves, this will rank as one of Norway’s Top 10 oil finds, according to Tim Dodson, Statoil’s executive VP for Exploration.

Statoil has a 40% stake in both license PL 265, containing Aldous, and in PL 501, containing Avaldsnes, 4 km (2.5 mi) to the east. Lundin has a 10% stake in PL 265.

A minimum 65-m (213-ft) oil column was reported last week in the Aldous Major South well 16/2-8, drilled by the Transocean Leader. The discovery occurred in Jurassic sandstone (Draupne formation) in a good-quality reservoir comprising coarse-grained, unconsolidated sand.

The well also established common oil/water contact between the Aldous and Avaldsnes structures. Statoil says its well discovered 200-400 MMboe of the total resources, with indications from well data of another 200-400 MMboe in the same structure.

In the Avaldsnes structure, discovered last year and since appraised, Lundin has confirmed a resource base of 100-400 MMboe.

Aldous Major South was drilled in 112 m (367 ft) water depth, and terminated in the Upper Triassic Skagerrak formation. Transocean Leader will shortly spud Aldous Major North well 16/2-9 in PL265 to assess the further potential and any communication with Aldous/Avaldsnes. The partners plan further appraisal drilling in the license next year to clarify the full volumes for a future development.

08/16/2011



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