Vår Energi makes 'significant' oil and gas discovery in North Sea

The combined King and Prince exploration wells proved successful, with the latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents.

The licensees (Vår Energi AS 90% and Mime Petroleum AS 10%) consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area.

The exploration wells are located approximately 6 km north of the Balder field and three kilometers west of the Ringhorne platform.

King/Prince was drilled in PL 027 by Scarabeo 8. The Prince well encountered an oil column of about 35 m in the Triassic Skagerrak formation within good to moderate reservoir sandstones (2374 m below sea level).

The King well discovered a gas column of about 30 m and a light oil column of about 55 m with some thick Paleogene injectite sandstone with excellent reservoir properties (2353 m below sea level).

An additional King appraisal sidetrack further confirmed a 40 m gas column and an oil column of about 55 meters of which about 35 m of massive oil-bearing injectite sandstone with excellent reservoir quality.

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