ConocoPhillips' Appraisal Well Confirms Slagugle Oil Discovery

Core Insights - ConocoPhillips (COP) has confirmed the Slagugle oil discovery in the Norwegian Sea with the successful drilling of the second appraisal well, 6507/5-12 S, in production license (PL) 891 [1][9] - The discovery is estimated to contain approximately 30.8-61.6 million barrels of oil equivalent (Mboe) and is located 270 kilometers north of Kristiansund [2][9] - The second appraisal well encountered multiple columns of oil in high-quality sandstone reservoirs, with a maximum production rate of 650 standard cubic meters of oil per day [4][5] Exploration and Development - PL 891 was awarded in 2016, and the Slagugle discovery was first reported in 2020 [2] - The well 6507/5-12 S is the third exploration well drilled in this license, following previous attempts that did not yield commercially viable quantities of oil [3] - The data collected from the exploration campaign will be analyzed to determine the potential for developing the Slagugle discovery [5] Technical Details - The formation test conducted during the drilling aimed to evaluate reservoir quality and connectivity between geological layers [4] - The well struck oil in a 188-meter interval between the Are Formation and the Grey Beds, indicating promising results for future development [4][5]