Statoil to drill test well in PL602 (Norway)

Statoil has decided to drill a well to test the Roald Rygg Prospect in PL602, on the Norwegian Continental Shelf (NCS).

The well is planned to be drilled in 2015.

In addition to drilling decision, Statoil also decided to acquire Rocksource’s 10 per cent participating interest in the licence. The transaction is subject to government approval.

PL 602 is located in the Vøring Basin, immediately close to the Luva, Snefrid and Haklang discoveries which will be developed as the Aasta Hansteen Field expected to come on stream in 2017. In addition to the Roald Rygg prospect the PL602 license contains several other prospects and leads that provide exiting follow up potential.

The current partnership in PL 602 consists of Statoil Petroleum AS (Operator, currently 30%), Petoro (20%), Centrica Resources (10%), Atlantic Petroleum Norge AS (currently 10%), Rocksource Exploration Norway AS (currently 10%) and Wintershall Norge (10%).

Atlantic Petroleum CEO, Ben Arabo, comments: “We are excited to participate in the well following our farm down agreement with the operator Statoil which will bring our ownership down from 10% to 7.5%, subject to government approval. This well has the potential to deliver significant gas resources in an area where gas infrastructure is being developed.”

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