Edison buys 10% share in the License PL420

Edison Norge has signed in November 2014 a contract with Statoil for the acquisition of 10% share in the production license PL420

Edison Norge has signed in November 2014 a contract with Statoil for the acquisition of 10% share in the production license PL420. The acquisition has now been approved by the NPD.

The license, operated by RWE DEA and containing the Titan oil discovery (35/9-6S) drilled in 2010, is located between the Gjøa and the Skarfjell oil discovery, where Edison is partner with 15%. The PL420 farm-in will strengthen Edison’s position in Q35 of the North Sea.

The exploration well 35/9-12S (Atlas prospect), drilled by the Leiv Eiriksson drilling facility,  was completed in December and encountered in the Upper Jurassic sequence  two sandstone layers in the Heather formation, both of good quality and with traces of hydrocarbon. It reached the final TD at measured depths of 3556m (3423m TVDSS) in the Rannock formation in the Middle Jurassic. Water depth at the site is 358 metres. The well will be permanently plugged and abandoned.

License partners are RWE DEA (Operator, 30%), Idemitsu Petroleum Norge (20%), Capricorn Norge (20%), GDF SUEZ E&P Norge (20%) and Edison Norge (10%).

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