Noreco Discovers Hydrocarbons in Xana-1X

Hydrocarbons have been discovered in the exploration well Xana-1X. The partnership will now evaluate if there is a sufficient volume of hydrocarbons for commerciality.

Spudded on 8 December 2014 in licence 9/95 in the northern part of the Danish sector of the North Sea with Maersk Oil as operator, the well was drilled by the jack-up unit Noble Sam Turner to a total measured depth of 5124 metres. The well is now being plugged and abandoned.

Through a Danish subsidiary Norwegian Energy Company ASA (Noreco) holds a 16 per cent ownership in the licence, which is operated by Maersk Oil. Noreco has paid its share of the licence cost and the interest in the licence is therefore retained.

The ownership in the 9/95 licence is as follows:

A.P. Møller - Maersk A/S 34 %
DONG E&P A/S 20 %
Noreco Oil Denmark A/S 16 %
Danoil Exploration A/S 10 %
Nordsøfonden 20 %