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Ivar Aasen Unit Agreement and Volume Increase

Source: www.gulfoilandgas.com 6/30/2014, Location: Europe

Det norske oljeselskap ASA (DETNOR) have signed a unit agreement for the Ivar Aasen development on the Utsira High in the North Sea with the licencees in PL001B, PL242, PL457 and PL338. Det norske is operator and will have 34.7862 percent interest in the unit, following completion of the previously announced acquisition of 40 percent interest in PL457 from Spike Exploration and E.ON E&P Norge AS.

The unit comprises the Ivar Aasen and West Cable deposits, while the Hanz deposit remains in PL028B, where Det norske is operator and has 35 percent working interest. Hanz is planned to be developed in phase 2 of the Ivar Aasen development.

Det norske estimates that gross proven and probable (P50) reserves for the Ivar Aasen development (including Hanz) are about 210 million barrels of oil equivalents (mmboe), an increase of approximately 35 percent compared to end 2013 P50 reserves. Net to Det norske, this amounts to about 74 mmboe. The reserve increase is a result of the inclusion of volumes from PL457 and PL338, as well as positive results from well 16/1-16 in PL457 and ocean-bed seismic (OBS) processed in conjunction with an updated drainage strategy submitted to the Ministry of Petroleum and Energy.

The updated drainage strategy has not identified a need for additional wells to develop the Ivar Aasen reserves. Total investments for the Ivar Aasen development are estimated at NOK 27.4 billion, unchanged from the Plan for Development and Production (PDO).

The Ivar Aasen field development project is progressing according to schedule towards a planned start-up in the fourth quarter 2016. Partners in the development are Statoil, Bayerngas, Wintershall, VNG, Lundin and OMV.

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