Okea Makes Oil Find in North Sea

Source: NOD

Norway's Okea has discovered oil in the Prince prospect in the North Sea, the Norwegian offshore directorate said on Wednesday.

Preliminary estimates indicate a discovery of between 0.29 million and 2.79 million standard cubic metres of recoverable oil equivalent, corresponding to between 1.9 million and 17.5 million barrels of oil equivalent, the directorate said.

It said in a statement the oil was discovered along the eastern flank of the Brage field in the northern part of the North Sea.

Okea is the operator and owns 35.2% of the licence while Lime Petroleum holds 33.84%, DNO 14.26%, Petrolia Novo 12.26% and M Vest Energy holds the remaining 4.44%%, the directorate says on its website.

(Reporting by Louise Breusch Rasmussen, editing by Anna Ringstrom)