Initial appraisal results at Maria confirms presence of oil

Centrica announced today its initial view of appraisal results at the Maria North well in the Norwegian Sea.

The review indicates potential gross recoverable reserves at the top of the range published following drilling of the discovery well in 2010, of between 60-120 mmboe of oil and between 10-30 mmboe of gas. We will now be working with our partners to consider field development options (Wintershall 50% operator, Petoro 30%, Centrica 20%).

The appraisal well at Maria represents another success for Centrica’s Norwegian business, which has trebled in size following the recent acquisitions of assets from Statoil and an additional stake in Statfjord. This is the fifth successful appraisal or exploration well in Norway in which Centrica has been involved, including most recently the Butch light oil discovery in late 2011.

Jonathan Roger, Managing Director of Centrica Energy Upstream, said:

“Maria marks another great achievement for Centrica Energy, which is one of the fastest growing entrants in Norway. This is our second successful well in the past six months and we look forward to working with our partners on further opportunities going forward”.

Notes

  1. Centrica Energi (Norge) AS has a 20% non-operated interest in the potential Maria development. The exploration well is operated by Wintershall (50%) with other partners Petoro (30%).
  2. Light oil was discovered at Maria in 2010, with the gross size of the discovery estimated at between 60-120 mmboe of recoverable oil and between 2-5 billion standard cubic metres (10-30 mmboe) of recoverable gas.
  3. Centrica announced on 7 December 2011 that early appraisal results at its Butch exploration well in the Northern North Sea, in which it has a 40% operating interest, indicate the presence of between 30 to 60 mmboe (gross) of light oil in the reservoir.
  4. Centrica announced on 21 November 2011 that it had signed a £13 billion gas supply deal for the UK with Norway, and on 30 April 2012 announced the completion of the £1.1bn acquisitions of producing and development Norwegian assets from Statoil and an additional stake in Statfjord in the Norwegian North Sea.
  5. Centrica Energy in Norway, Centrica Energi, is a growing business. Headquartered in Stavanger, it is investing in operated and non-operated assets in the North Sea, Haltenbanken and the Norwegian Sea.
  6. It acquired its first license in 2007 and has continued to grow through a combination of acquisitions and exploration activities.
  7. The business has demonstrated a strong drilling performance with a higher than average success rate (5 successful appraisal and exploration wells from 7 drilled).