Operational Update – Norway

Trondheim, 21 February 2014

Discovery on Langlitinden

Det norske is about to complete drilling operations on well 7222/11‑2 on the Langlitinden prospect in production license 659, where Det norske oljeselskap is operator with a 20* percent ownership interest. The well (7222/11‑2) encountered an oil‑bearing channel sand of Triassic age.

The primary objective of well 7222/11‑2 was to prove hydrocarbons in the Kobbe Formation reservoir (Triassic) and notably to prove good flow properties in the same reservoir. The well encountered oil in a channel sand, which also was the main target for the well. Extensive data sampling, including cores, wireline logs and fluid samples have been performed. Movable hydrocarbons were proved in the main target for the well, but mini-DST proved poor reservoir properties. The partnership in production licence 659 will evaluate the results carefully with respect to the remaining prospectivity of the licence. Based on preliminary analysis, Det norske is of the opinion that the volumes proven in this well, as of today, are insufficient to justify a field development.

The well was drilled to a total depth of 2,878 metres below sea level. The water depth is 338 metres. The well will now be permanently plugged and abandoned. Partners in production licence 659 are Lundin (20 percent), Tullow (15 percent), Rocksource (5 percent), Petoro (30 percent) and Atlantic (10 percent)*.

(*A prerequisite for these equities is approval by the authorities of the transaction whereby Atlantic receives 10 percent equity from Det norske).