Statoil Makes Oil Discovery in Gulf of Mexico

HOUSTON, April 9, 2015 /PRNewswire/ -- Statoil announced today that it has made an oil discovery in its Miocene Yeti prospect located in the Gulf of Mexico (GoM).

"The Yeti discovery expands the proven sub-salt Miocene play further South and West of Big Foot," said Jez Averty, Statoil's senior vice president, exploration for North America.  "We are analyzing data to determine the size of the discovery in order to consider future appraisal options."

The Yeti discovery was made in Walker Ridge (WR) block 160, which is located approximately 15 km (9 miles) south of the Big Foot field, and 11 km (7 miles) from the Cascade field. All of the blocks making up Yeti were accessed by the current owners in recent years. 

Yeti was drilled with the Maersk Developer drilling rig, a sixth generation semi-submersible. Statoil reports that its drilling efficiency with Yeti was among the best of any well drilled in Walker Ridge, achieving a drilling performance level of approximately 120 meters (400 feet) per day. The rig has moved on and is currently drilling Statoil's Thorvald prospect in the Mississippi Canyon block 814. 

Statoil is the operator (50%) of Yeti, and its partners are Anadarko (37.5%) and Samson (12.5%).

Investor relations Morten Sven Johannessen, vice president, investor relations North AmericaTlf: 1 (203) 570-2524

Media relations - Norway Knut Rostad, media relationsTlf.: +47 905 48 990

Media relations – United States Jim Schwartz, communication, Development and Production North America & Exploration North AmericaTlf.: +1(713) 485 2589 or mobile (713) 269-2433)

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SOURCE Statoil