Aker BP (OSE:AKRBP, OTCQX:AKRBF) has successfully completed the drilling of the
Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area. This marks the
longest exploration well ever drilled on the Norwegian Continental Shelf and has
resulted in a significant oil discovery.
The updated estimate of the discovery size is 53-90 million barrels of oil
equivalent (mmboe), which is twice as large as the original pre-drill estimate
and slightly larger than the preliminary estimates announced on 25 May.
The discovery, located in the Yggdrasil area, contributes to increasing the
resource base for the ongoing Yggdrasil development by approximately 10 percent.
The Yggdrasil development was recently approved by Stortinget (the Norwegian
parliament) and is planned to commence production in 2027.
More information about this record-breaking well can be found at Aker BP's web
site: LINK (https://akerbp.com/en/record-breaking-well-behind-the-yggdrasil
-discovery/)
The discovery is located within production licences 873 and 442. In licence 873,
the partnership consists of Aker BP (operator, 47.7 percent interest), Equinor
(40 percent interest) and PGNiG Upstream Norway (12.3 percent interest). In
licence 442, the partnership comprises Aker BP (operator, 87.7 percent interest)
and PGNiG Upstream Norway (12.3 percent interest).
The Norwegian Petroleum Directorate has issued a separate press release about
the discovery which can be found at NPD's website:
LINK (http://www.npd.no/en/facts/news/Exploration-drilling-results/2023/oil
-proven-in-appraisal-wells-west-of-the-yggdrasil-field-in-the-north-sea/)
Contacts:
Kjetil Bakken, Head of IR, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217
About Aker BP:
Aker BP is a company engaged in exploration, field development and production of
oil and gas on the Norwegian continental shelf. The company operates the field
centres Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a
partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,
Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at
www.akerbp.com.
This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act and requirements under the EU Market
Abuse Regulation.