(Adds company comment on upside, shares)
* Finds up to 170 million barrels of oil equivalents
* Find includes up to 113 mln barrels of oil
* Discovery has upside potential
(Adds details, shares)
OSLO, April 10 German gas company VNG
made a sizable oil discovery in the Norwegian Sea in the Pil
prospect and there is potential for an even bigger resource in
the licence, it said on Thursday.
VNG, a relative newcomer to Norway, found between 50 and 170
million barrels of recoverable oil equivalents, including up to
113 million barrels of oil near Statoil's Njord field,
the firm said.
VNG, which operates 11 licences on the Norwegian Continental
Shelf, said the discovery has considerable additional upside
potential and it would now drill sidetracks and plans further
exploration in the licence next year.
Tests on the well showed "excellent" flow properties and a
continuous reservoir, capable of sustaining high flow rates,
Rocksource, a partner in the find said.
Shares in Rocksource surged 40 percent on news of the
discovery while Faroe Petroleum, another partner, rose
VNG and Spike Exploration each hold 30 percent of the
licence, Faroe has 25 percent and Rocksource has 15 percent.
(Reporting by Balazs Koranyi; Editing by Erica Billingham)