Noreco has reduced its ownership in license 9/95 on the Danish continental shelf from 20.1% to 16% by transferring the balance to Nordsøfonden, the Danish State’s oil and gas company.
Drilling of the exploration well 9/95 Xana started in December and Nordsøfonden will consequently carry its share of the costs related to the Xana well.
The license is close to the gas discovery Svane. The well is being drilled by the jackup drilling unit Noble Sam Turner. The main target is upper Jurassic sandstones, ca. 4600m below the seabed. Drilling time to target depth is estimated to about 140 days.
Noreco estimates that chance of success of the Xana well is 27 per cent and that the prospect contains between 130 and 235 million barrels of oil equivalents gross, most of it gas. This would correspond to approx. 35 million barrels of oil equivalents net P50 to Noreco. After the transactions, the ownership in the 9/95 license is as follows (previous ownership in brackets):