Statoil concluded in June 2009 the drilling of wildcat well 6407/8-5 S and appraisal well 6407/8-5 A on the Gygrid prospect in PL 348. The wells are located between the Njord field and the Draugen field in the Norwegian Sea, and both yielded positive results.
Wildcat well 6407/8-5 S proved oil in Lower Jurassic reservoir rocks. Well 6407/8-5 A was drilled as a sidetrack to delineate the discovery. The well confirmed the oil column in Lower Jurassic reservoir rocks. In addition, the sidetrack proved oil in Middle Jurassic reservoir rocks. According to NPD, recoverable reserves are between three and five million standard cubic meters of oil. Concedo had a 5 % working interest in the license.