Results of Clapton exploration well announced

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Dana Petroleum plc (‘Dana’), a wholly owned subsidiary of the Korea National Oil Corporation (KNOC) announces the results of the Clapton exploration well in the Norwegian North Sea.

Dana Petroleum Norway AS is a 20% partner in exploration well 2/8-18 S, which is located in PL440 S in block 2/8, approximately 5 km east of the Eldfisk East Field and 10 km north of the Valhall Field.

The primary target of the Clapton well was the Shetland Group chalk reservoirs on the flanks of a salt induced mode dome. The well was drilled to a vertical depth of 2,619 metres and targeted the Ekofisk, Tor and Hod formations, which are the main producing reservoirs in neighboring fields. The reservoir quality was poorer than prognosis and contained no hydrocarbons of producible quantities.

The well will now be plugged and permanently abandoned.

The well was drilled using the Maersk Guardian jack‐up rig and the partnership consists of Faroe Petroleum  Norge AS (40% and operator), Dana Petroleum Norway AS (20%), Lundin Norway AS (18%), Norwegian Energy Company ASA (12%) and Det norske oljeselskap ASA (10%).

Managing Director of Dana Petroleum Norway AS, John M Dahlen said: “We are obviously disappointed that the Clapton well didn’t meet our expectations, but the data obtained provides new and encouraging information for further evaluation, in particular in shallower sections of the well where hydrocarbons were encountered.”

“We now focus our efforts on the remaining drilling programme for 2012, the applications for the announced 22nd licensing round and our contribution to Dana’s 100,000 barrels a day target by 2016.”

ENDS