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Spike Exploration - Pil discovery larger than expected

VNG Norge AS, operator of production license 586, has concluded the drilling of exploration well 6406/12-3 S. The test results indicate a discovery far larger than previously expected. The data obtained indicates an excellent reservoir. The preliminary estimated range of recoverable resource is 50-170mmboe. Two sidetrack wells will now be drilled, taking appr. 3 weeks each and should help to narrow the resource range. The license is operated by VNG Norge AS (30%) with Spike Exploration Holding AS (30%), Faroe Petroleum Norge AS (25%) and Rocksource Exploration Norway AS (15%).