Norway
Map of licences
Rødhette
Prospect: Rødhette
The Rødhette Discovery in licence PL901 in the Barents Sea with exploration well 7122/6-3 S was announced in October 2021. The well encountered hydrocarbons in the primary target in the Middle Jurassic Stø Formation. The top of the reservoir was reached close to prognosis at a vertical depth of 1,847 meters below sea level with 29 meters of high net-to-gross, moderate to good quality sandstone. Data acquired indicated a gas column of approximately 18 meters in the well over an oil rim with a likely oil-water contact at 1,876 meters true vertical depth.
Press released preliminary estimates by the operator (Vår) placed the size of the discovery between 9 and 12 mmboe recoverable (gross). The Rødhette volumes were at the lower end of pre-drill expectations and assessment of both existing discoveries and additional prospectivity in the area is needed to understand the commercial development potential. The well was drilled 30 km north of the Goliat field and 5 km south from the Tornerose discovery. The recent large Lupa gas discovery announced by Vår on the 23rd December 2022 could have positive impact on Rødhette and a future gas export route in the area.
Velocette
The Velocette well will be operated by OMV and is anticipated to be drilled in the third quarter of 2023.
Kveikje
Prospect: Kveikje
The Kveikje discovery is located in licence PL293 B on the Lomre Terrace in the Norwegian North Sea. The exploration well was drilled in March and April 2022 and 2C to 3C contingent recoverable resources estimated by ERCE in a Competent Persons Report are 35 to 60 mmboe gross.
The discovery well found an oil-filled reservoir of excellent quality in Kveikje Main, the primary Eocene target. A gas layer of similar excellent reservoir quality was encountered in the overlaying Kveikje Hordaland Eocene injectite. The top of the Kveikje Main reservoir was reached close to prognosis at a vertical depth of 1,757 metres below sea level with 18.4 metres of net sand in a 24-metre oil filled gross interval with porosities in the order of 30 percent. Top Kveikje Hordaland reservoir was also reached close to prognosis at a vertical depth of 1,691 metres below sea level with 2.7 metres of net sand in a 4-metre gas filled gross interval with porosities in the order of 31 percent.
The secondary targets, Rokke and N’Roll both encountered indications of sand with hydrocarbons with further analysis required to determine potential.
The PL293 group was subsequently granted licence PL293CS (Company 10%) in the APA 2022 licensing round covering two additional extension areas covering the upside resource potential in the discovery.
The discovery is close to existing infrastructure allowing for a development through multiple export options.
Kjøttkake (Lotus)
Prospect: Kjøttkake (Lotus)
Licence: PL1182 S
Partners: Longboat (30%) DNO (operator), Aker BP
Licence 1182 S lies in the prolific Norwegian North Sea, 4kms south of our Kveikje discovery and comprises the Lotus prospect. The prospect is located in Paleocene injectite sandstones, characterised by excellent reservoir properties with seismic amplitude support. Lotus is analogous to Kveikje which has porosities of 30%.
Based on the Company’s estimates in the APA 2022 application, Lotus contains gross mean prospective resources of 27 mmboe with further potential upside estimated at 44 mmboe. The chance of success associated with the Lotus prospect is 56% with the key risk being hydrocarbon retention.
If successful, Lotus and Kveikje are likely to form part of the new Ringvei Vest (“RVV”) cluster development project operated by Equinor. The RVV project will develop multiple oil discoveries made west of the Troll field in recent years, through infrastructure associated with the nearby giant Troll field. The licence award will increase the attractiveness of Longboat’s existing position in Kveikje.
The work programme consists of a firm exploration well within the initial two-year period.
Jasmine and Sjøkreps
Licence: PL1049
Partners: Longboat (40%), DNO (operator), Petoro
Longboat initially held 25% in PL1049 where the deep Cambozola prospects was drilled in 2022. The target for further exploration in the license is the shallower levels and the license has been stratigraphically split. Two prospects have been mapped, both targeting Tertiary plays: Sjøkreps is a fault-bounded three-way dip closure at Palaeocene level (preliminary estimated recoverable volumes ranging between 20 to 300 mmboe (P90-P10) with the main risk being quality of reservoir; and the Jasmine prospect, an injectite target at Eocene level, which is analogous to the Kveikje discovery, and has recoverable volume range preliminarily estimated between 10 to 30 mmboe (P90-P10) with the main risk being reservoir quality. The technical work programme will lead up to a drilling decision which has to be made by February 2025.
Oswig
Gas-condensate was encountered in the OMV operated Oswig exploration well 30/5-4S In September 2022. The well was consequently side-tracked and a drill stem test (“DST”) performed in the Upper Tarbert Formation. The key objectives of the DST were to establish reservoir productivity, detailed fluid properties and determine the range of recoverable resources.
The Oswig sidetrack (30/5-4A) was drilled to a depth of 4,726 metres TVDSS. The average production rate from the DST was approximately 2.1 mmscfd of gas and 280 bpd of condensate (approximately 650 boepd in aggregate) through a 10/64-inch choke. The DST successfully proved the ability of Oswig to flow hydrocarbons from poor quality reservoir.
The preliminary estimate of recoverable resources in Oswig has been estimated by the Operator to be between 10 and 42 million boe (gross) based on in-place volumes of 100 to 215 million boe and a condensate/gas ratio of 110-130 bbl/mmscf. The partnership is integrating the DST results into its understanding of the field and evaluating possible well configurations with the objective of maximising flow rates in a future potential development.
Significant upside has been identified in a potential southern extension in the same fault block. The PL1100 group was subsequently granted licence PL1100C (Company 20%) in the APA 2022 licensing round containing Oswig South.
The crest of the Oswig South prospect is located at a shallower depth than Oswig and is therefore expected to have better reservoir quality. The prospect has the potential to double the size of the existing discovery.
Prospect Summaries
Rødhette
Prospect: Rødhette
Licence: PL901
Partners: Longboat JAPEX (20%), Vår (operator), Concedo, Equinor,
The Rødhette Discovery in licence PL901 in the Barents Sea with exploration well 7122/6-3 S was announced in October 2021. The well encountered hydrocarbons in the primary target in the Middle Jurassic Stø Formation. The top of the reservoir was reached close to prognosis at a vertical depth of 1,847 meters below sea level with 29 meters of high net-to-gross, moderate to good quality sandstone. Data acquired indicated a gas column of approximately 18 meters in the well over an oil rim with a likely oil-water contact at 1,876 meters true vertical depth.
Press released preliminary estimates by the operator (Vår) placed the size of the discovery between 9 and 12 mmboe recoverable (gross). The Rødhette volumes were at the lower end of pre-drill expectations and assessment of both existing discoveries and additional prospectivity in the area is needed to understand the commercial development potential. The well was drilled 30 km north of the Goliat field and 5 km south from the Tornerose discovery. The recent large Lupa gas discovery announced by Vår on the 23rd December 2022 could have positive impact on Rødhette and a future gas export route in the area.
Velocette
Prospect: Velocette
Licence: PL1016
Partners: Longboat JAPEX (20%), OMV (Operator), INPEX Idemitsu
A new play has been proven in the Tæna Basin/east flank of Utgard High in the Norwegian Sea by the Velocette Discovery in licence PL1016. The exploration well 6607/3-1S encountered a Cretaceous turbidite gas filled sandstone in the Nise Formation. The Nise Formation was the primary target and the top of the reservoir was reached close to prognosis at a vertical depth of 3348 metres below sea level with 61 meters of high net-to-gross, moderate to very good quality sandstone. Data acquisition indicates a gas column of approximately nine metres in the well.
Press released preliminary estimates by the operator (OMV) placed the size of the discovery between 1.3 and 11.3 million boe (gross) of recoverable oil equivalents. As the Velocette volumes are at the lower end of pre-drill expectations the discovery is not considered to be commercial in isolation. However, the licence contains numerous other prospects which have been derisked by the presence of gas in good quality reservoir in the Velocette well. The remaining prospectivity has significant size potential in multiple structures with slightly different trapping geometries. Further assessment of the licence prospectivity together with other opportunities in the area could impact the commercial potential of the licence. High quality data and samples were collected in the exploration well and these will be integrated into the updated prospect evaluations. PL1016 is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~45 km).
Kveikje
Prospect Kveikje
Licence: PL293 B, PL293 CS
Partners: Longboat JAPEX (10%), Equinor (Operator), DNO, INPEX Idemitsu
The Kveikje discovery is located in licence PL293 B on the Lomre Terrace in the Norwegian North Sea. The exploration well was drilled in March and April 2022 and 2C to 3C contingent recoverable resources estimated by ERCE in a Competent Persons Report are 35 to 60 mmboe gross.
The discovery well found an oil-filled reservoir of excellent quality in Kveikje Main, the primary Eocene target. A gas layer of similar excellent reservoir quality was encountered in the overlaying Kveikje Hordaland Eocene injectite. The top of the Kveikje Main reservoir was reached close to prognosis at a vertical depth of 1,757 metres below sea level with 18.4 metres of net sand in a 24-metre oil filled gross interval with porosities in the order of 30 percent. Top Kveikje Hordaland reservoir was also reached close to prognosis at a vertical depth of 1,691 metres below sea level with 2.7 metres of net sand in a 4-metre gas filled gross interval with porosities in the order of 31 percent.
The secondary targets, Rokke and N’Roll both encountered indications of sand with hydrocarbons with further analysis required to determine potential.
The PL293 group was subsequently granted licence PL293CS (Company 10%) in the APA 2022 licensing round covering two additional extension areas covering the upside resource potential in the discovery.
The discovery is close to existing infrastructure allowing for a development through multiple export options.
Jasmine and Sjøkreps
Prospect: Jasmine and Sjøkreps
Licence: PL1049S
Partners: Longboat JAPEX (40%), DNO (operator), Petoro
Longboat initially held 25% in PL1049 where the deep Cambozola prospects was drilled in 2022. The target for further exploration in the license is the shallower levels and the license has been stratigraphically split. Two prospects have been mapped, both targeting Tertiary plays: Sjøkreps is a fault-bounded three-way dip closure at Palaeocene level (preliminary estimated recoverable volumes ranging between 20 to 300 mmboe (P90-P10) with the main risk being quality of reservoir; and the Jasmine prospect, an injectite target at Eocene level, which is analogous to the Kveikje discovery, and has recoverable volume range preliminarily estimated between 10 to 30 mmboe (P90-P10) with the main risk being reservoir quality. The technical work programme will lead up to a drilling decision which has to be made by February 2025.
Oswig
Prospect: Oswig
Licence: PL1100, PL1100B, PL1100C
Partners: Longboat JAPEX (20%), OMV (Operator), Wintershall Dea, Source Energy
Gas-condensate was encountered in the OMV operated Oswig exploration well 30/5-4S In September 2022. The well was consequently side-tracked and a drill stem test (“DST”) performed in the Upper Tarbert Formation. The key objectives of the DST were to establish reservoir productivity, detailed fluid properties and determine the range of recoverable resources.
The Oswig sidetrack (30/5-4A) was drilled to a depth of 4,726 metres TVDSS. The average production rate from the DST was approximately 2.1 mmscfd of gas and 280 bpd of condensate (approximately 650 boepd in aggregate) through a 10/64-inch choke. The DST successfully proved the ability of Oswig to flow hydrocarbons from poor quality reservoir.
The preliminary estimate of recoverable resources in Oswig has been estimated by the Operator to be between 10 and 42 million boe (gross) based on in-place volumes of 100 to 215 million boe and a condensate/gas ratio of 110-130 bbl/mmscf. The partnership is integrating the DST results into its understanding of the field and evaluating possible well configurations with the objective of maximising flow rates in a future potential development.
Significant upside has been identified in a potential southern extension in the same fault block. The PL1100 group was subsequently granted licence PL1100C (Company 20%) in the APA 2022 licensing round containing Oswig South.
The crest of the Oswig South prospect is located at a shallower depth than Oswig and is therefore expected to have better reservoir quality. The prospect has the potential to double the size of the existing discovery.