DONG Energy, operator with 80% interest in license P1195, West of Shetlands,
UK, has completed drilling of two successful appraisal sidetracks on the
Glenlivet discovery. Partners in license P1195 are Faroe Petroleum and First
Oil each with a 10% stake.
The vertical exploration well, 214/30a-2, and the two appraisal sidetracks have
proven gas bearing reservoir with excellent reservoir quality. The vertical
exploration well and an updip appraisal sidetrack proved the lateral extent of
gas saturated reservoir of excellent quality, exceeding expectations.
Subsequently, a downdip sidetrack was drilled to acquire samples from the water
zone, which will provide important information for the potential future field
development.
The drilling operations were carried out by the Transocean Rather and performed
without accidents to personnel or environment.
Starting in the year 2000 with no UK presence, DONG Energy today holds
interests in nine discoveries and 26 licenses, of which DONG Energy is operator
of seven.
Søren Gath Hansen, Executive Vice President in DONG Energy and responsible for
the companies E&P business is pleased with the rapid growth in the companies
UK-portfolio.
“We have participated in a majority of the discoveries made in the West of
Shetland region since our entry in year 2000 and established a strong position
in this high potential development area in the UK.”
DONG Energy's position in the West of Shetland region has been established by a
combination of license awards, swaps and acquisitions. The entry was made with
the award of the Cambo exploration license, in which the first oil discovery
was made in 2001. DONG Energy has participated successfully in every bidding
round since then. In 2004, DONG Energy purchased ConocoPhillips' portfolio in
the area, including the Laggan discovery. The company entered Rosebank and
Tormore through farm ins' before the two fields were discovered.
Finally, this year DONG Energy entered a swap arrangement with OMV resulting in
a stake in the Tornado license immediately before the recent discovery was
made.
Søren Gath Hansen continues: “We are still planning further exploration and
appraisal activity in the West of Shetland area but our focus is now
additionally on monetizing the finds through development of our portfolio in
the area."
The content of this announcement does not alter the previously announced
expectations for DONG Energy's financial result for 2009 or the announced
expected level of investments.
For further information, contact:
Media Relations
Ulrik Frøhlke
+45 9955 9560
Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated more than DKK 60 billion (EUR
8.2 billion) in revenue in 2008. For further information, see
www.dongenergy.com.