The exploration well, also known as the Wisting Central, is the northernmost oil discovery on the Norwegian continental shelf.

The Wisting Central was the first exploration well in the Hoop High area, in production licence 537 in which OMV (Norge) AS is the operator with a 25% interest. Tullow, Petoro and Idemitsu each have a 20% interest, and Statoil has 15%.

In Tullow Oil plc's press release last week, Angus McCoss, Exploration Director commented:

"This is a major frontier light oil discovery for Norway, Tullow Oil and our coventurers. The Wisting Central wildcat well has opened the Hoop-Maud Basin by proving a new shallow play in the region. This discovery also demonstrates the effectiveness of leading edge exploration techniques, pioneered by Tullow’s Norwegian exploration team, that combine shallow seismic and electromagnetic survey data in the search for oil. We look forward to pursuing the exciting exploration and appraisal follow up arising from this breakthrough oil discovery."

CEO of EMGS, Roar Bekker added:

"The discovery once again proves our technology. Our EM data now covers 15 exploration wells that have already been drilled in the Barents Sea. The drilling results on all 15 wells match the conclusions from our predictions. This gives us a very strong value proposition."

Press release from Tullow
Press release from OMV
Press release from Statoil
News from the Norwegian Petroleum Directorate