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Spike Exploration - successful appraisal and exploration in and around the Garantiana discovery

The appraisal well 34/6-3S was drilled into the southern part of the Garantiana-discovery in PL554, where Spike Exploration holds a 30% working interest. The well encountered a gross oil column of 100 vertical metres in the Cook formation with excellent reservoir quality. A successful production test was undertaken. A sidetrack into a separate compartment named the Akkar Updip prospect encountered a gross oil column of 44 vertical metres in the Cook formation with good reservoir characteristics. A conservative estimate of the combined discovered resource range in PL554 is 50 to 105 million barrels of oil.

Well 34/6-3 S is located two kms southwest of the discovery well 34/6-2S, completed in 2012. The well was drilled deviated to a total vertical depth of 3791m below sea level. Garantiana is located about 30 kms northeast of the Visund field in the northern part of the North Sea. Also Snorre and Knarr are nearby oil fields. The water depth is 381m.

The PL554/B/C group of partners consist of TOTAL E&P Norge AS (40%, operator), Spike Exploration (100%-owner of Bridge Energy Norge AS – 30%), Svenska Petroleum Exploration AS (20%) and Det norske oljeselskap ASA (10%).