DNO Makes Play-Opening Discovery at Norma
September 19 2023 - 12:29AM
DNO Makes Play-Opening Discovery at Norma
Oslo, 19 September 2023 – DNO ASA, the Norwegian oil and gas
operator, today announced a gas condensate discovery on the Norma
prospect in the Norwegian North Sea license PL984 in which the
Company holds a 30 percent operated interest.
Preliminary evaluation of the discovery
indicates gross recoverable resources in the range
of 25-130 million barrels of oil equivalent (MMboe) on a
P90-P10 basis, with a mean of 70 MMboe, in a Jurassic reservoir
zone with high quality sandstones. Located 20 kilometers northwest
of the Balder hub and 30 kilometers south of the Alvheim hub, Norma
is situated in an area with extensive infrastructure in the central
part of the North Sea, with tie-back options offering potential
routes to commercialization.
Also within the same license, DNO has identified additional
exploration prospects that have been considerably de-risked by the
Norma results.
“Coming on the heels of our six
Troll-Gjøa area discoveries since 2021, three of which
were made this year including Carmen, Heisenberg and Røver Sør,
Norma opens up an exciting new play for DNO in the North Sea,” said
Executive Chairman Bijan Mossavar-Rahmani. “At the risk of
hoodooing our crack explorationists, the string of recent
discoveries validates DNO’s offshore Norway exploration strategy,”
he added.
Drilled to a vertical depth of 4,800 meters with the Deepsea
Yantai drilling rig, Norma is DNO’s first operated high-pressure
high-temperature exploration well. At 4,650 meters, the discovery
well encountered a 16-meter hydrocarbon column in a 20-meter gross
reservoir section in Jurassic sandstones. Several gas condensate
samples were collected in the reservoir. In addition, a water
sample was acquired. A bypass core of 33.7 meters was secured and
an extensive data and sampling program conducted.
This discovery is considered a play-opener for the deep
turbiditic sands in this area given the exceptionally good
reservoir quality encountered. Plans are underway to further
delineate the discovery and the upside potential in the license.
Before further appraisal drilling, improved seismic imaging and
remapping will be undertaken to identify an optimal location for
the next well.
Even with the additional extensive data collection protocols,
the Norma well is expected to be finished 15 days ahead of plan and
at a cost eight percent below budget. Plug and abandonment
operations have commenced this week.
DNO was awarded an interest in PL984 in 2019 through
its wholly-owned subsidiary DNO Norge AS. The other
partners in the license are Source Energy AS, Equinor
Energy AS, Vår Energi ASA (20 percent each) and Aker BP
ASA (10 percent).
The Deepsea Yantai will move to drill the Company’s next well,
appraising the 2022 Ofelia discovery (DNO 10 percent).
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For further information, please contact:Media:
media@dno.noInvestors: investor.relations@dno.no
–
DNO ASA is a Norwegian oil and gas operator active in the Middle
East, the North Sea and West Africa. Founded in 1971 and listed on
the Oslo Stock Exchange, the Company holds stakes in onshore and
offshore licenses at various stages of exploration, development and
production in the Kurdistan region of Iraq, Norway, the United
Kingdom, Côte d'Ivoire, Netherlands and Yemen.
This announcement is considered to include inside information
pursuant to the EU Market Abuse Regulation and is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act. This announcement was published by Jostein
Løvås, Communication Manager DNO ASA, at the date and time set out
above.
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