DNO ASA - Positive results of well 16/2-3, the Ragnarrock well in PL265

The main purpose of the well was to prove the presence of moveable oil within a low productivity chalk reservoir. Based upon the positive well results the PL265 license partners have decided  to move the West Epsilon rig and drill the 16/2-4 appraisal well immediately. The water depth in the area is 113 metres.
The licensees in PL265 are Statoil ASA (30% and operator), Det Norske Oljeselskap ASA (30%), Petoro AS (30%), Talisman Energy Norge AS (10%).
Managing Director Roar Tessem comments:
"We are enthusiastic about the results of this well and the decision in the license to drill an appraisal well back-to-back. The main challenge in this oil discovery is obtaining commercial production rates from the low productivity chalk reservoir. So far we have seen positive indications from core data and mini-DST's. However, there are more studies to be made and an additional well to be drilled and evaluated prior to be able to indicate if this discovery has commercial potential. We look forward to the continuation of our active drilling program going forward."
Det Norske Oljeselskap ASA/DNO ASA
17 September 2007