The well is located at the Haltenbanken area in the Norwegian Sea, approx. 280 km north of Kristiansund and 300 km west of Brønnøysund with a water depth of 342 meters. The duration of the drilling program may be up to approximately 140 days and, in the event of a discovery, OMV expects to find oil in Hades and gas / condensate in Iris reservoir. It is not planned to perform testing at this stage.
The well is a so-called HPHT well, which means drilling through formations with high pressure and high temperature where oil-based drilling mud will be used in the reservoir sections. Hades and Iris are two different reservoirs, and drilling is planned through Hades and on to the Iris reservoir where the highest temperature and pressure are expected.
If hydrocarbons are found in the Iris prospect, OMV will consider doing a sidetrack well to identify any commercial resources. A decision on drilling of a sidetrack will be based on data collection from the main well. A sidetrack drilling is estimated to take up to 67 days. Upon completion of the drilling campaign for OMV, Deepsea Bergen will mobilize directly to an exploration well for Statoil in a project called "Lille Prinsen".
Reference is made to the stock exchange notice of 21 April 2017 whereby Odfjell Drilling announced a one-well contract plus two optional wells for its semi-submersible Deepsea Bergen with OMV (Norge) (“OMV”). The first well was finalized in April 2018 with a successful discovery as earlier reported by OMV.
ODL – Odfjell Drilling signs drilling contract for Deepsea Atlantic and the Master Frame Agreement with Equinor
Please find attached the Q1 2018 Presentation which will be used as a basis for today’s investor conference call at 15.00hrs CET.
Odfjell Drilling Ltd. reports for the first quarter of 2018
Reference is made to the stock exchange notice of 19 April 2018 whereby Odfjell Drilling Ltd ("Odfjell Drilling " or the "Company") announced the successful completion of the private placement raising gross proceeds of approximately USD 175 million (the “Private Placement”) with the purpose of financing growth within its mobile offshore drilling fleet and general corporate purposes.