Statoil Comes Up Dry
Bloomberg is reporting:
Statoil ASA, Norway’s largest oil
company, said it sees limited potential for raised estimates in
the lower levels of its giant Johan Sverdrup discovery after
drilling a dry well.
A sidetrack well failed to find oil at the Cliffhanger
South area as well as in a secondary target in the “granitic
basement,” the Stavanger-based company said today in a
statement on its website.
“The core samples from this section contained oil shows,
but were confirmed to be non-producible,” Statoil said. “The
findings reduce the possibility for upside potential in the
basement section in the Johan Sverdrup area.”
Oh, well.
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