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CORRECTED-BRIEF-Statoil drills 2 "disappointing" UK wells, makes one discovery
October 9, 2017 / 6:12 AM / 2 months ago

CORRECTED-BRIEF-Statoil drills 2 "disappointing" UK wells, makes one discovery

(Corrects headline to says “disappointing”, not dry)

Oct 9 (Reuters) - Statoil Asa

* Oil discovery in verbier sidetrack on UK continental shelf

* ‍Statoil and partners have made an oil discovery in verbier sidetrack well in outer moray firth on uk continental shelf, proving a minimum of 25 million recoverable barrels of oil in immediate vicinity of wellbore

* Our aim this summer was to develop Statoil’s UK position through testing three independent prospects ranging in geological risk and with a potential impact on our portfolio

* Whilst the results of the other two exploration wells were disappointing, we are convinced of the remaining, high-value potential on the UK continental shelf and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts​​

* ‍preliminary Verbier results suggest discovery could range anywhere between 25 and 130 million barrels of oil​

* ‍we have proven oil in good quality sands with good reservoir properties, but significant work remains, most likely including appraisal, to clarify recoverable volumes

* The Verbier main wellbore encountered a water-filled sand and the decision was made to drill a sidetrack to assess the remaining potential up-dip

* The results show that we made the right decision to sidetrack the well and this discovery proves that there could be significant remaining potential in this mature basin Source text for Eikon: bit.ly/2ySC5Iv Further company coverage: (Reporting By Terje Solsvik)

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