Located in the production license 265 (PL 265), the well has identified an approximately 65m oil column in Jurassic sandstone.
According to the company, the initial data acquisition program has confirmed excellent reservoir characteristics.
Preliminary calculations of the size of the discovery are between 200 and 400 million barrels of oil equivalent for this part of the structure in PL 265, and Statoil expects additional upside in the license both north and south of the discovery.
The 16/2-8 well indicates the same oil-water contact as in the Avaldsnes discovery well, proving the likelihood of communication between the two structures, and the Avaldsnes discovery discovered a 17m oil column.
Statoil is the operator of PL 265 with 40% interest, and its other partners are Petoro with 30% stake, Det norske oljeselskap with 20% interest and Lundin Petroleum with 10% stake.
