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StatoilHydro Strikes Oil, Gas With Arctic Wildcat Well Drilled In Barents Sea
Sunday, March 09, 2008; Posted: 11:03 PM
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Mar 10, 2008 (financialwire.net via COMTEX) -- STO | news | PowerRating | PR Charts -- March 10, 2008 (FinancialWire) StatoilHydro ASA (NYSE: STO | news | PowerRating | PR Charts ) has struck oil and natural gas with a wildcat exploration well drilled in the Arctic waters of the Barents Sea off Norway's northern tip.

The company said it was too early to estimate the size of the find, 108 miles northwest of the northern town of Hammerfest, but that the hydrocarbons found included oil and gas. The National Petroleum Directorate said another exploration well, called the Obesum prospect, is planned for the area this year.

The find is northwest of StatoilHydro's Snoehvit natural gas field, which started production in September as the first offshore field to start up in the Barents Sea, which Norway shares with Russia.

State-controlled StatoilHydro, based in the western Norwegian city of Stavanger, is the sole owner of the exploration and production license for the Obesum block. Shares of StatoilHydro fell 71 cents to close at $29.94.

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