Austria's OMV finds gas offshore Norway [Yahoo! Finance]
OMV AG BEARER SHS S/ADR (OMVKY)
NASDAQ:AMEX Investor Relations:
omvpetrom.com/portal/01/petromcom/petromcom/omv_petrom/investor_relations/omv-petrom-shares-gdrs/shareholding-and-stock-listing-history/!ut/p/b0/04_sj9cpykssy0xplmnmz0vmafgjzoin_e0tar0cny1cddw9pxw93hwndsbapzg1t78g21erac3xr1e!
Company Research
Source: Yahoo! Finance
The discovery was made after OMV (Norge) completed the drilling operations targeting the 'Haydn/Monn' exploration prospects in PL 1194. Located 300km west of the Norwegian mainland, the well was drilled to a depth of 1,064m. This discovery reveals substantial gas reserves, with preliminary estimates indicating recoverable volumes ranging between 30 and 140 million barrels of oil equivalent (mboe). The gas find is about 65km from the Polarled pipeline and the Aasta Hansteen field's existing infrastructure, the company said. As the operator of PL1194, OMV (Norge) and its partners will assess the discovery further to consider the development of a potential gas field connected to the nearby infrastructure. OMV (Norge) holds a 40% stake in PL 1194 while Vår Energi and Inpex Idemitsu Norge each hold a 30% stake. The company said utilising the existing infrastructure, a subsea development linked to the Aasta Hansteen host platform will lead to quicker planning and execution and
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