The well lies 35 kilometres east of the Gudrun field and 30 kilometres south of the Grane field.
StatoilHydro completed Ragnarrock 1 (well 16/2-3) in mid-September 2007. The aim with Ragnarrock 2 was to appraise hydrocarbons from the first well.
Light oil in low-permeability limestone was also proven in this well. A number of small-scale formation tests proving promising flow characteristics were undertaken.
The well was not production tested, but comprehensive data gathering and sampling were carried out that will now be more closely analysed. The find is estimated to contain between 30 and 60 million barrels of proven recoverable oil. There were also traces of hydrocarbons in crystalline rock types.
"This is the sixth exploration well drilled by West Epsilonthis year where hydrocarbons in mature areas of the North Sea have been proven," says Tim Dodson, senior vice president for Norwegian continental shelf exploration. "This gives motivation for investigating the area further."
Ragnarrock 2 is the third exploration well in production licence PL265. The licence was awarded during the North Sea licensing round in 2000. It was drilled to a total depth of 1,952 metres. Sea depth is 113 metres.
The well will now be permanently plugged and abandoned. It was drilled by the West Epsilonrig which will now return to the shipyard before further assignments.
The licensees in exploration licence 265 are operator StatoilHydro ASA with 30%, Petoro (30%), DNO (30%) and Talisman (10%).