Promising discovery in deepwater US Gulf of Mexico

January 8, 2008, 15:35 CET

"This is a promising oil discovery," says Helen Butcher, StatoilHydro’s exploration manager for deepwater Gulf of Mexico.

"StatoilHydro is a major lease holder in Walker Ridge. This discovery supports our firm belief in this area", she adds.

The Julia discovery well is located in 2000 meters of water and was drilled to a total depth of 9500 meters. Further appraisal drilling is planned in

2008 to determine the extent of the discovery.

Julia is the first well drilled under a 2005 exploration agreement between StatoilHydro and ExxonMobil in deep water Gulf of Mexico.

StatoilHydro is participating in further developing two additional significant discoveries in the same area, Jack and St. Malo. Both are scheduled to come on stream post 2013.

StatoilHydro also announced in the beginning of December the discovery at West Tonga in Green Canyon. All this activity underlines the company’s strategy to build a new significant production area for the future.

StatoilHydro is the third largest lease holder in deepwater Gulf of Mexico.