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Market: NYSE
Sector: Energy
EPIC: STO
Latest Price: $23.24  (0.96% Ascending)
52-week High: $28.92
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Market Cap: $1,444.12M
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Statoil ASA
www.statoil.com/en
Statoil is an international energy company with operations in 40 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Norway with 30,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.
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Statoil’s North Sea oil find may host 500 mln to 1.2 bln recoverable barrels

16th Aug 2011, 9:16 am by Jamie Ashcroft Statoil confirmed last week that the Aldous Major South well 16/2-8 encountered at a 65 metre oil column, in Jurassic sandstone. It said the reservoir was very good quality.

Statoil reckons its new find could be among the top ten discoveries ever made on the oil rich Norwegian continental shelf (NCS).

In a statement this morning the Norwegian oil firm said that the Aldous and Avaldsnes oil discoveries, on the Utsira High in the North Sea, are now confirmed to be ‘in communication’. 

Collectively the two discoveries could contain between 500 million and 1.2 billion barrels of recoverable oil. The discovery is still being assessed and, according to Statoil, it will be one of the ten largest oil finds ever on the NCS, if the upper part of the interval strikes pay dirt.

"Aldous-Avaldsnes is a giant oil discovery,” said vice president Tim Dodson. “Norway has not seen a similar oil discovery since the mid-eighties." 

Statoil confirmed last week that the Aldous Major South well 16/2-8 encountered at a 65 metre oil column, in Jurassic sandstone. It said the reservoir was very good quality.

 “Making a discovery of this size in a mature area shows that exploration is all about perseverance, creativity and obtaining new knowledge," Dodson added.

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