FORNEBU, Norway, June 9, 2023 /PRNewswire/ -- Aker BP (OSE: AKRBP) (OTCQX: AKRBF) has successfully completed the drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area. This marks the longest exploration well ever drilled on the Norwegian Continental Shelf and has resulted in a significant oil discovery. 

The updated estimate of the discovery size is 53-90 million barrels of oil equivalent (mmboe), which is twice as large as the original pre-drill estimate and slightly larger than the preliminary estimates announced on 25 May.  

The discovery, located in the Yggdrasil area, contributes to increasing the resource base for the ongoing Yggdrasil development by approximately 10 percent. The Yggdrasil development was recently approved by Stortinget (the Norwegian parliament) and is planned to commence production in 2027. 

The discovery is located within production licences 873 and 442. In licence 873, the partnership consists of Aker BP (operator, 47.7 percent interest), Equinor (40 percent interest) and PGNiG Upstream Norway (12.3 percent interest). In licence 442, the partnership comprises Aker BP (operator, 87.7 percent interest) and PGNiG Upstream Norway (12.3 percent interest). 

SOURCE Aker BP ASA