The company along with its partners spud the well targeting the Albert prospect situated about 65km northwest of the Snorre Field in the northern North Sea, offshore Norway.
Noreco spud the well with an objective to test Cretaceous and Triassic age sandstones in a multiple target structure and intersected oil in thin Cretaceous reservoir sequence at the expected levels for the primary target.
The partners of the license did not encounter any movable hydrocarbons in the Triassic secondary reservoir and intersected only a minor column of movable hydrocarbons in a Palaeocene reservoir.
However, the partners will conduct further geophysical and geological studies to ascertain the potential in the discovery and is not taking the uncertain distribution of the reservoirs as the basis for resource estimation.
PL519 is operated by Lundin Petroleum with 40% interest, whereas Noreco, Bayerngas Norge and Spring Energy equally share the remaining 60% interest.
