Spud on Draupne

This article originates from the news archive of Det norske.

20. February 2008

Det norske oljeselskap has spudded well 16/1-9 on Draupne. The operation commenced Tuesday 19 February at 4:20 p.m. (CET), and is carried out with the semi-submersible drilling rig Bredford Dolphin.

Det norske is the operator of Draupne (Production License 001B) and holds a 35% interest in the license. License partners are StatoilHydro with 50% and PA Resources with 15%.

The well will be drilled to a depth of 2,475 meters, and the duration of the drilling operation is estimated at 47 days. The reservoir is located at a depth of 2,275 meters. The recoverable volume has been estimated at approximately 50 million barrels.

This is the first drilling operated by Det norske in 2008. According to the drilling program, the company will perform a total of nine drilling operations during 2008.

The Norwegian Petroleum Directorate (www.npd.no) will publish the result of the well operation as soon as it is available.

About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 24 operatorships and interests in a total of 46 licenses. Last year (2007), the company drilled five exploration wells. Det norske’s scope of activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff of 90, and the strong growth rate is expected to continue in 2008. The company headquarters are located in Trondheim, with offices also in Oslo, Harstad, and Stavanger.

Det norske generated in 2007 operating revenues in the amount of MNOK 131 and an operating loss of MNOK 252.1. The loss after taxes was MNOK 62.9.

Det norske oljeselskap (“DETNOR”) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the stock value of the company amounted to NOK billion 3.5.