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UPDATE 1-Det norske ups Draupne oil find view

OSLO, May 10 (Reuters) - Independent Det norske oljeselskap said on Monday it has raised its estimate for recoverable oil at its operated Draupne and neighbouring discoveries and said a fast development was likely. "The volumes we are looking at now are larger than previously estimated, and we will continue to work on development solutions that could yield first oil already in 2014," Chief Executive Erik Haugane said in a statement. The company said the combined development of Draupne and the two neighbouring discoveries Hanz and West Cable holds total estimated recoverable volumes of between 110 million and 150 million barrels of oil equivalent, compared with an earlier estimate of 68-131 million boe. Statoil holds 50 percent of the licenses, Det norske 35 percent and Germany's Bayerngas 15 percent. Det norske said a sidetrack well had proved a deeper oil column than expected. "The total oil and gas column is about 150 metres, of which 90 metres are gas," it said. "The oil discovery ranks as one of the largest on the Norwegian shelf in recent years and a fast development is likely," operator Det norske said. It said it could file a plan for development and production next year. Shares in Det norske rose 7.04 percent at 0920 GMT against a 4.9 percent rise in Oslo's benchmark index (Reporting by Richard Solem; Editing by Amanda Cooper) Keywords: DETNORSKE DRAUPNE/ (richard.solem@thomsonreuters.com; +47 22 93 69 71; Reuters Messaging: richard.solem.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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