October 29, 2019
Reference is made to the stock exchange notice published on 15 October 2019 regarding OKEA ASA's ("OKEA") live-streaming of logs from the Draugen drilling campaign.
OKEA has now completed drilling of the reservoir section of the Infill Ø well (6407/9-11) in the Draugen Field. The well targeted a possible unswept oil accumulation in the producing reservoir which could potentially be drained by a future oil producer well. The log data from the well, as published on okea.no during the drilling operation, confirm the presence of an oil column at the well location.
Depth conversion of the seismic data was the principal pre-drill uncertainty for this well and the reservoir was encountered 5 m deeper than prognosed, but despite this, OKEA interprets that there is still a 2.5 m column of oil remaining at the top of the Rogn Formation reservoir at this location. The data indicate that this area of the field is already being drained efficiently by existing wells and that it is therefore not necessary to invest in a new oil producer well to drain the remaining attic oil volume. The well results will be important to the further assessment of the drainage strategy of Draugen and OKEA will use the data to optimize future production from the field.
The well was drilled with a highly cost-effective, slim design, with the top-hole section being ‘batch-drilled’ together with the Skumnisse well to further reduce costs. This efficiency enabled reservoir data to be acquired on the 5th day of operations and demonstrates the ability of OKEA’s drilling and subsurface teams to maximum the value from each drilling campaign without compromising safety. The well has now been plugged and will be abandoned before the rig returns to the Skumnisse location to continue drilling that appraisal well (6407/9-12) through the reservoir section.
The live-stream of logs from the Draugen drilling campaign will continue and can be found at www.okea.no.
OKEA ASA is operator of the Draugen licence PL093 with a 44.56% share. Partner companies are Petoro AS (47.88%) and Neptune Energy Norge AS (7.56%).
For further information please contact
Andrew McCann, SVP Subsurface, +47 415 07 726
Ståle Myhre, VP Investor Relation, +47 917 51 878
The materials presented through the live stream at www.okea.no are live data from the drilling operation currently being carried out by OKEA on Draugen. The data when presented have not been verified by OKEA or any other party, and may contain errors and inaccuracies. The data presented should under no circumstances be relied upon as information on, or an indication of, the potential results of the remaining drilling operation to be carried out by OKEA. The final results of the remaining drilling operation including commerciality will, when available, be published through a stock exchange notice at https://newsweb.oslobors.no/ and will also be made available at www.okea.no.
OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~20 000 boe per day. The company aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.
OKEA ASA is listed on Oslo Stock Exchange under the ticker “OKEA”.
More information on www.okea.no