Stavanger-based oil company Noreco said it next plans to drill the Gita exploration well in Denmark, where a 30 percent chance of success awaits partners seeking two targets worth a combined 493 million barrels of oil equivalent.

Drilling starts in October, the company told oil industry analysts, brokers and colleagues in Oslo today.

Noreco, with 12 percent equity in the block, is applying the drill bit ahead of most of its first oil expected in 2010 to 2011. The company is partner or operator in five more wells in 2008 and 23 wells thereafter.

At Huntington in the U.K.North Sea, where oil company fortunes to turn for the positive, Phase 1 production is due by the beginning of 2010.

Tags: Noreco