Crude oil discovered in the LOTOS Norge licence area

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Upstream activity 2014-02-24
Crude oil discovered in the LOTOS Norge licence area

Following the drilling of an exploration well in the Trell prospect, the presence of crude oil was confirmed in the PL 102F licence area. LOTOS Exploration & Production Norge holds an interest in this licence, acquired in 2013 as part of the Heimdal portfolio. This marks the first time oil has been discovered in a Polish-held Norwegian licence area.

The discovery of oil on the PL102F licence is proof that apart from proved reserves, the Heimdal portfolio also has considerable exploratory potential, encouraging long-term development of production on the Norwegian Continental Shelf. The exploratory well is located in the central part of the North Sea, some 200 km north-west of Stavanger and 10 km east of the Heimdal production centre.

According to the licence operator's initial estimates, the recoverable reserves are between 0.5bn m3 and 2bn m3. LOTOS Norge holds a 10% interest in the licence, which translates into 50,000 m3 to 200,000 m3 of recoverable reserves attributable to the company.

Detailed analyses are being carried out, the results of which may further increase the above estimates.

The vertical exploratory well is 2,240 metres deep and was drilled in the seabed 122 metres below sea level by the Leiv Eiriksson platform.

The remaining licence holders are Total E&P Norge AS (40% - licence operator), Petoro AS (30%), Det norske Oljeselskap ASA (10%), and Ithaca Petroleum Norge AS (10%).

Communications Office
Grupa LOTOS S.A.
ul. Elbląska 135,
80-718 Gdańsk,
tel. 58 308 87 31, 58 308 83 88, 58 308 83 55,
e-mail: media@grupalotos.pl