RWE Dea Norge secures rig capacity for Titan drilling in 2013

RWE Dea Norge AS, a subsidiary of the German oil and gas company RWE Dea AG, has signed an agreement with Dolphin Drilling AS to use the Bredford Dolphin rig, in cooperation with three other oil companies. End Quote

(1888PressRelease) October 24, 2012 - For RWE Dea Norge the contract entails full rig capacity in the years ahead for the planned drilling program in the production license (PL) 420 in the North Sea. The company is the operator and holds 30% interest in the license.

“Having secured the rig capacity for Titan in 2013 is an important milestone to push the development and operation of the field in the following years,” says Hans-Joachim Polk, Managing Director of RWE Dea Norge.

Bredford Dolphin will be used to drill an important appraisal well at Titan towards the end of 2013 to confirm the size of the Titan discovery. RWE Dea Norge previously drilled a well at Titan and preliminary estimates of the discovery are 12 million cubic metres (recoverable) oil equivalents. The company is also planning another exploration well in early 2014 with the Leiv Eiriksson rig. RWE Dea is optimistic that the PL420 license will gain significant value.

“The year ahead will be very active for RWE Dea Norge. As well as drilling two wells at Titan, we’re also going ahead with an exploration well at our PL330 license in the Norwegian Sea, as well as taking important steps in the development of the Zidane field,” says Polk and points out that RWE Dea Norge is a company with a proactive drilling plan on the Norwegian Continental Shelf.

The rig agreement with Dolphin Drilling has been concluded with Lundin, Noreco and Repsol, and is coordinated by AGR. The contract is for a total of eight wells over a period of 570 days, with the option of an extension and a minimum of five further wells.

Contacts

Carolin Flemming
Head of External Communications
T +49 40 6375-2484
M +49 162 2732484

Frank Meyer
Manager External Communications
T +49 40 6375-2759
M +49 162 2732559

Notes to the editors

RWE Dea Norge AS is a subsidiary of the German oil and gas company RWE Dea AG. The company has a promising license portfolio consisting of 40 licenses with assets in all major phases and ownership interests in several producing fields, such as Snorre, Gjøa and Snøhvit. RWE Dea Norge has participated in three of the most important recent discoveries on the Norwegian continental shelf, Edvard Grieg, Knarr and Skarfjell. The company is operator of six licenses in the exploration phase, and on two of these licences, Zidane and Titan, discoveries were made in 2010, and again on Zidane in 2012. RWE Dea Norge has been present on the Norwegian continental shelf for almost 40 years and operator since 1991.

RWE Dea AG, headquartered in Hamburg, is an international company operating in the field of exploration and production of natural gas and crude oil. The company deploys state-of-the-art drilling and production technologies, putting its many years’ experience acquired to good use. RWE Dea has set new standards in the fields of safety and environmental protection.

RWE Dea has stakes in production facilities and concessions in Germany, the UK, Norway, Denmark and Egypt and holds exploration concessions in Algeria, Ireland, Libya, Mauretania, Poland, Trinidad & Tobago and Turkmenistan. Moreover, in Germany, RWE Dea also operates large subterranean storage facilities for natural gas. RWE Dea is part of the RWE Group, one of Europe’s largest energy utilities.

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