STAVANGER, NORWAY--(Marketwire - Jun 14, 2012) - Statoil (OSE: STL) (NYSE: STO) and partner
ExxonMobil have made a large gas
discovery in the Statoil-operated Block 2 licence in Tanzania.
The logging results from the Lavani well confirm a new high-impact
discovery for
Statoil, with a preliminary resource estimate of 3 trillion cubic feet
(Tcf) of
gas in place. The Lavani well has encountered 95 metres of excellent
quality
reservoir sandstone with high porosity and high permeability.
"The result from Lavani, which is only 16 kilometres south of our recent
Zafarani discovery, confirms the high potential in Block 2. We are also
pleased
to announce that the recently drilled Zafarani sidetrack added another 1
Tcf of
gas in place. This is in addition to the up to 5 Tcf announced in February.
The
results so far mark an important step towards a possible natural gas
development
in Tanzania," says executive vice president for Exploration in Statoil, Tim
Dodson.
"The Lavani discovery demonstrates how Statoil's strategy of focusing on
high-impact opportunities is paying off and supports the company's ambition
for
international growth," Dodson adds.
The Lavani well, drilled in 2,400-metre water depth, is the second
exploration
well in Block 2 - which covers an area of approximately 5,500 square
kilometres.
The well is drilled by Ocean Rig Poseidon with operations still ongoing.
The Lavani discovery is the seventh high-impact discovery made by Statoil
over
the last 14 months. The other high-impact discoveries are Zafarani in
Tanzania,
Skrugard and Havis in the Barents Sea, Johan Sverdrup (formerly
Aldous/Avaldsnes) in the North Sea, and Peregrino South and Pão de
Açúcar
(non-operated) in Brazil.
Statoil operates the licence on Block 2 on behalf of Tanzania Petroleum
Development Corporation (TPDC) and has a 65% working interest, with
ExxonMobil
Exploration and Production Tanzania Ltd. holding the remaining 35%. Statoil
has
been in Tanzania since 2007, when it was awarded the licence for Block 2.
(*) "High-impact well" = a total of more than 250 million barrels of oil
equivalent (boe), or 100 million boe net to Statoil.
This information is subject of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
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Source: Statoil via Thomson Reuters ONE
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