Norway's Statoil announces promising oil discovery in the North Sea

Nordic Business Report, May 29, 2007

NORDIC BUSINESS REPORT-29 May 2007-Norway's Statoil announces promising oil discovery in the North Sea(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian oil company Statoil ASA (OSE: STL, NYSE: STO) said on Tuesday (29 May) that it has made a promising oil discovery in the North Sea's Ermintrude prospect.

The company said that reserves are estimated to be in the region of 50m barrels of recoverable reserves.

"The well is an important part of our exploration programme and can contribute to our ambition of producing one million boe per day from the Norwegian continental shelf (NCS) until 2015," said Tim Dodson, Statoil's senior vice president for exploration in Exploration & Production Norway (EPN).

Wildcat 15/6-9 S in block 15/6 lies 10 kilometres north of the Sleipner area in production licence (PL) 303. Statoil has a 100% interest in PL 303.

Statoil, headquartered in Stavanger in Norway, is an integrated oil and gas company with annual sales of over NOK390bn. The company is in the process of merging with the petroleum division of Norway's Norsk Hydro ASA to create StatoilHydro. Statoil is listed on the Oslo Stock Exchange and on the New York Stock Exchange.

One British pound (GBP) is worth approximately 11.90 Norwegian kroner (NOK).

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