Lundin Norway AS, operator of production licence 492, has completed drilling of wildcat well 7120/1-3. The well encountered oil.
The well was drilled about 35 kilometres northwest of the Snøhvit field.
The well encountered a gross oil column of about 75 metres and a gross gas column of about 25 metres in limestone rocks in the Røye formation. The reservoir quality was better than expected.
Preliminary calculations of the size of the discovery are between 10 and 23 million standard cubic metres of recoverable oil and between 8 and 15 billion standard cubic metres of recoverable gas.
The results confirm for the first time recoverable oil and gas in a Permian play in the Norwegian part of the Barents Sea. Further delineation of the discovery is planned.