Ivar Aasen crib sheet

• Contains 4 fields: Ivar Aasen, West Cable, Hanz, Asha
• PDO approved in March 2013
• Development costs relatively high
• Discovery of Asha in December 2012, and inclusion of Asha in development improves economics
• Edvard Greig and Johan Sverdrup could push cost of services market higher
• Ivar Aasen expected to receive transitional terms , whereas other fields will be taxed under new terms

Participation

• Ivar Aasen Area contains 3 licences
• Ivar Aasen/West Cable (PL001B)
• Hanz (PL028B)
• Asha (PL457)
• Field unitisation expected mid-2014
• Estimated unitised participations are: Statoil (41.15%), Det Norske (28.8%)*, Bayerngas (12.34%), Wintershall (7.08%), EON (3.54%), Spike (3.54%), Verbundnetz (3.54%)
• Note that on 25 June 2014, Det Norske increased its stake in PL457 (above unitisation does not reflect this)
• EON to receive 15% WI in PL613 (Barents) and 10% WI in licence PL676S (North Sea) + Cash
• Det Norske increases interest in PL457 from 20% to 40% WI

Reserves

• WM Commercial reserves: 149mmbbl + 181bcf
• Hanz: good reservoir – expect high RF
• West Cable: strong acquisfer support – expect high RF
• Ivar Aasen and Asha reservoir more complex, varying sand quality

 Production

• Ivar Aasen, Asha and West Cable production from 2016; Hanz in 2019
• High rates of gas production expected from some wells due to gas cap in Ivar Aasen and Hanz reservoirs
• Wells will be drilled in order that gas production can be shut off to maximize oil recovery
• Asha gas initially reinjected

Development

• Ivar Aasen, Asha, West Cable: developed using fixed platform
• 20 well slots with partial processing facilities
• Production and injection wells will be drilled using jack-up positioned next to platform to 2016/17
• Hanz will be developed using subsea tie back to Ivar Aasen platform
• Exports via Edvard Grieg facilities