StatoilHydro makes small discovery in Oseberg area

OSLO: StatoilHydro ASA (NYSE: STO) has made a small oil discovery at an exploration well in the Curran prospect.

The prospect is in the western part of the Oseberg area in the North Sea. Exploration well 30/8-4 S was drilled by Transocean semisubmersible Transocean Winner. Hydrocarbons were struck in the upper parts of the Brent group. Drilling was terminated in Middle Jurassic Rocks. Well water depth is around 308 feet (93.8 m). StatoilHydro Vice President for Exploration Ton Dreyer said that the field was not quite commercial at current oil prices, but added that the company was pleased to have proven more resources near its Oseberg installation. The size of the find is within the range of 3 to 15.7 million BOE, mostly oil. The drilling was intended to test a petroleum trap south of the Tune field, below a north-south running fault in the Oseberg area. No wells had been drilled in this type of trap in the area before. The well has been plugged and abandoned. A possible tie-back from the discovery to installation in the area will be considered. Transocean Winner will now drill well 30/5-3 in the northern part of the Oseberg area.

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