TTA: TOTAL: Norway: Total Makes a New Oil Discovery in the North Sea

  TTA: TOTAL: Norway: Total Makes a New Oil Discovery in the North Sea

UK Regulatory Announcement

PARIS

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that its affiliate Total E&P
Norge has made an oil discovery in the Garantiana prospect located on
Production License 554 (PL554) in the Norwegian North Sea, 185 kilometers
northwest of Bergen and 30kilometers northeast of the Visund Field, at water
depths of 384 meters. TotalE&PNorge is operator of the license with a 40%
interest, other partners are Det norske oljeselskap ASA20%, Bridge Energy
NorgeAS20% and Svenska Petroleum Exploration 20%.

Preliminary estimates place the size of the discovery between 25 and 75
million barrels of recoverable oil.

The wildcat well 34/6-2 S encountered oil in the Lower Jurassic Cook Formation
with good reservoir quality. A successful production test was carried out on
the well, with a flow rate of 4,300 barrels of oil per day through a 28/64"
choke. A sidetrack (well 34/6-2 A) was then drilled to appraise the discovery
and allowed to identify an oil-water contact in the formation.

The well on the Garantiana prospect is the first exploration well in License
554. Other prospects are located in the immediate vicinity of the discovery
and are under evaluation. A second exploration well is planned to be drilled
in the area.

Total has increased its exploration activity in Norway in recent years,
drilling more wells on existing acreage, actively participating in exploration
rounds, and, in the case of PL554, farming in as operator.

Commenting on the discovery, Patrice de Viviès, Total’s Senior Vice President
Exploration & Production for Northern Europe said: “This oil discovery opens
new perspectives in the area. The well, the test and the sidetrack on
Garantiana have given information which will allow us to optimize the future
exploration of the near-by structures and to investigate the development
solutions”.

Total Exploration & Production in Norway

Since the late 1960s, Total has played a major role in the development of a
large number of Norwegian fields, notably Frigg and Heimdal. Norway was the
largest contributor to the Group’s equity production in 2011 with 287,000
barrels of oil equivalent per day (boe/d). Total holds interests in 91
production licenses in offshore Norway, 23 as operator.

In the first semester 2011 the developments of the Ekofisk South and Eldfisk
ll fields were launched, in which Total has a 39.9% interest. Each development
has a production capacity of 70,000 boe/d and production start-up is expected
in 2014 and 2015 respectively.

In January 2012, Total submitted the plan for development and operation (PDO)
for the Martin Linge field, a stand-alone field development planned to come on
stream in Q4 2016. The PDO was approved by the Storting (Norwegian Parliament)
in June2012.

In 2011, Total made two promising discoveries as operator. The first is on
Norvarg in the Barents Sea, with reserves that could reach up to 300 million
barrels of oil equivalent; the second is on Alve North in the Norwegian Sea
close to existing infrastructure. Appraisal of both discoveries is being
planned.

In the 2011 (APA) Licensing Round, announced in January 2012, Total was
granted interests in an additional eight licenses in the Norwegian North Sea,
including five as operator.

In 2012, Total participated in a significant gas and condensate discovery in
the King Lear prospect on Production Licenses 146 & 333 in the Southern sector
of the Norwegian North Sea. The King Lear 2/4-21 well has encountered volumes
estimated between 70 and 200 million barrels of oil equivalent.

In October 2012, the Group started-up its Atla gas condensate field located in
license PL102C in the Norwegian North Sea. Atla was brought into production
two years after completion of exploration drilling.

Total announced in October 2012 a swap of interests with ExxonMobil in a range
of producing and undeveloped North Sea assets on the Norwegian Continental
Shelf. Following this assets exchange with ExxonMobil, Total’s interest in the
Oseberg field will increase from 10% to 14.7% and in the Dagny field from
6.54% to 39.54%.

* * * * *

Total is one of the largest integrated oil and gas companies in the world,
with activities in more than 130countries. The Group is also a first rank
player in chemicals. Its 96,000employees put their expertise to work in every
part of the industry – exploration and production of oil and natural gas,
refining and marketing, new energies, trading, and chemicals. Total is working
to help satisfy the global demand for energy, both today and tomorrow.
www.total.com

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Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

or

Robert HAMMOND (U.S.)

Robert PERKINS

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

Contact:

TOTAL
 
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