Snilehorn discovery

11. November 2013

Core Energy is pleased to announce an oil discovery in well 6407/8-6 and sidetrack 6407/8-6A on the Snilehorn Prospect in PL348/348B in the Norwegian Sea (Core Energy 17.5% working interest).

The preliminary volumetric estimates of the size of the discovery as assessed by the operator Statoil are between 57 and 101 million barrels of recoverable oil equivalent (10 - 18 mmboe net to Core Energy).

The Snilehorn discovery is located four kilometres from the Hyme producing oil field which in turn is approximately 19 kilometres from the Njord field production facilities.  Hyme produces into the Njord field facilities and is one of six recent fast-track development projects, which have been successfully executed by Statoil.  Hyme was brought on stream in March this year, only 3.5 years after the Hyme exploration well was drilled.

The well, which spudded on 18th September, was targeting oil and gas in the Jurassic Ile, Tilje and Åre formations (analogous to the Hyme oil field reservoirs).  The main bore (6407/8-6) encountered oil in the Ile and Tilje formation and in addition in the Triassic Grey–Beds formation.

The sidetrack (6407/8-6A) encountered oil in the Melke, Ile and Tilje formations.  In the sidetrack, oil-down-to situations were observed in the Melke and Ile formations. The oil-bearing Triassic interval found in the main bore was not encountered in the sidetrack.  Pressure data indicates communication between the main bore and the sidetrack and the reservoir properties are as expected.

The vertical depth of the well was 3,400 metres below sea level and ended in upper Triassic. The drilling operations have been undertaken by Statoil (35%) utilising the Songa Trym rig and the well will now be plugged and abandoned as planned. 

Jan Harald Solstad, CEO of Core Energy, commented:
”We are very pleased to announce a significant discovery on the Snilehorn prospect. This is the first exploration well Core Energy has participated in during the three year life of the company. The Snilehorn discovery has the potential to add new production at a low cost tie-back via the nearby Hyme field facilities, in which Core Energy also participates with a 17.5% interest, or to other exisiting infrastructure in the area. The Snilehorn discovery is an important step for the company and its strategy of capturing the value potential in producing fields and adjacent development projects and exploration acreage in the mature parts of the Norwegian Continental Shelf.”

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