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UPDATE 1-Germany's VNG makes sizable oil find in Norwegian Sea
April 10, 2014 / 7:51 AM / 4 years ago

UPDATE 1-Germany's VNG makes sizable oil find in Norwegian Sea

(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 (Reuters) - 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 11 percent.

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)

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