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Wintershall increases stake in Maria off Norway

By OGJ editors
HOUSTON, May 26
-- Wintershall Norge ASA said it will acquire Spring Energy AS's 15% and Concedo ASA's 10% share in the Maria oil discovery off Norway, raising to 50% Wintershall's interest in the field and Production Licenses 475 BS, 475 CS, and 475.

Wintershall noted that Maria is one of the largest oil discoveries off Norway in recent years. The field lies 200 km from Trondheim on Blocks 6406/3 and 6407/1 of PL 475 BS.

Wintershall drilled the discovery well (6406/3-8T2) in summer 2010 in 303 m of water to a 4,216 m depth.

The company estimates that the field contains recoverable resources of 60-120 million bbl of oil and 2-5 billion cu m of gas in the Garn formation.

The Garn formation forms the reservoir of several producing fields and discoveries in mid Norway, including Trestakk, Smorbukk Sor, Tyrihans, and Tyrihans North, all near the Maria discovery. Because Maria is in an area with an advanced infrastructure, Wintershall expects to rapidly development the field.

By yearend, Wintershall plans to drill an appraisal well and propose a development plan for the discovery.

Subject to the approval of the authorities, the working interest in the PL 475BS and 475Cs will be held by Wintershall 50% (operator), Petoro AS 30%, and Centrica Resources (Norge) AS 20%.

In PL 475, the interest will be held by Wintershall 50% (operator), Faroe Petroleum Norge AS 30%, and Centrica Resources (Norge) AS 20%.


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