Aug. 2012 - Statoil has made a discovery in the North Sea's Utsira High within the Geitungen prospect. Well 16/2-12 intercepted a 115 foot (35 meter) oil column within a high-quality, Jurassic reservoir. Estimated volumes are between 140 and 270 million barrels of recoverable oil equivalents. Basement rock was also found to hold oil. Well 16/2-12, the eighth well in PL265, was drilled by the Ocean Vanguard (mid-water semisub) to a vertical depth of 6,709 feet (2,045 meters).

Geitungen has been defined as its own prospect in the PL265. Although it was drilled 1.86 miles (3 kilometers) north of the Johan Sverdrup discovery, well data indicates communication between the two discoveries is likely.

Statoil is the operator of PL265 and holds a 40% interest in the license. Its partners include Petoro AS with 30%, Det norske oljeselskap ASA with 20% and Lundin Norway AS holding the balance of the license with 10%.

Aug. 2012 - Statoil has made an oil discovery at the Geitungen prospect, reported Det norske, a partner in Production License 265. Oil was encountered and a core sample was recovered. Drilling operations are ongoing and the final results from the well are not yet available, Det norske said in a statement. The Ocean Vanguard (mid-water semisub) is drilling exploratory well 16/2-12 to a total depth of 6,759 feet (2,060 meters) to prove the presence of oil-bearing Jurassic sandstones similar to the Johan Sverdrup discovery. Statoil operates the field with a 40 percent stake; while Lundin holds 10 percent; Petoro holds 30 percent; and Det norske holds the remaining 20 percent.

Jul. 2012 - Statoil has commenced exploratory drilling on well 16/2-12 targeting the Geitungen structure. The main objective of well 16/2-12 is to prove the presence of oil-bearing Jurassic sandstones similar to the Johan Sverdrup discovery. The planned total depth of the well is 6,759 feet (2,060 meters) and will be drilled by the Ocean Vanguard (mid-water semisub). Drilling should take about 40 days.