Prospect Summaries

Egyptian Vulture

Prospect: Egyptian Vulture
Licence: PL939
Partners: Longboat (15%), Equinor (operator), PGNiG

The drilling of Egyptian Vulture as the primary prospect in licence PL939, commenced in September 2021 with exploration well 6407/1-9. It was announced on 25 October that the well had encountered light oil in the primary target in the Lower Cretaceous (Cenomanian) Intra-Lange Formation. The top of the reservoir was reached close to prognosis at a vertical depth of 3,684 metres below sea level with 13 metres net sand in a 37 metre oil filled gross interval. The upper part of the Lange sand interval had a high net to gross ratio and porosities in the order of 16 percent. An extensive programme of data acquisition and sampling was carried out and the preliminary analysis of the oil sample indicated a very light oil. The oil-water contact was not encountered.

The operator’s preliminary estimate of recoverable resources in the Egyptian Vulture discovery is 19 to 63 MMboe (gross) and the oil-in-place volume has been estimated at 220 to 440 MMboe (gross). Conservative recovery factors have been applied by the operator in calculating these preliminary resource estimates and further appraisal will be required to understand the flow potential of the reservoir and future development wells. This could significantly increase the resource estimate for this laterally extensive discovery measuring approximately 80 km2 as defined by the seismic amplitude anomaly.

Egyptian Vulture sits in an area of significant infrastructure and export opportunities both for oil and gas. The well was drilled 20 km from the Åsgard field and 23 km from the Kristin field, both of which are also operated by Equinor and which offer development options for Egyptian Vulture.

Rødhette

Prospect: Rødhette
Licence: PL901
Partners: Longboat (20%), Concedo, Equinor, Vår (operator)

Drilling of the Rødhette prospect in licence PL901 in the Barents Sea, commenced in September 2021 with exploration well 7122/6-3 S. It was announced on 11 October 2021 that the well had 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.

Preliminary estimates by the operator (Vår) place the size of the discovery between 9 and 12 mmboe recoverable (gross). As the Rødhette volumes were at the lower end of pre-drill expectations, assessment of both existing discoveries and additional prospectivity in the area will be needed to understand the commercial development potential of Rødhette through existing regional infrastructure. The well was drilled 30 km north of the Goliat field and 5 km south from the Tornerose discovery.

Mugnetind

Prospect: Mugnetind
Licence: PL906
Partners: Longboat (20%), AkerBP (operator), DNO

The Mugnetind prospect is located in licence PL906, which lies in the Central Graben area, 11 km to the west of the Ula Field. The prospect is up-dip from Well 7/11-6 which is a dry well with shows in the Ula Formation and is defined as a four-way dip closure with a structural component towards the north where there is fault seal.

The exploration well 7/11-14 S was drilled in October 2021 and encountered hydrocarbons in the Upper Jurassic Ula Formation. The Ula formation was reached at a vertical depth of 3,985 metres below sea level and consisted of a 28 metres gross section with a 14 metres net sandstone of moderate to good quality. However, the reservoir section in Mugnetind was thinner than predicted and a thick coal layer was encoutered immediately under the reservoir. Mugnetind was drilled on a seismic anomaly, which predrill had been identified as either hydrocarbon filled reservoir or coal.

Based on the operator’s preliminary estimates the Mugnetind discovery contain recoverable resources between 5 and 11 MMboe, which is not considered to be commercial in isolation.

Ginny / Hermine

Prospect: Ginny/Hermine
Licence: PL1060
Partners: Longboat (9%), Equinor (operator), Harbour, OKEA

The Ginny/Hermine prospects are located in licence PL1060 which lies in the Norwegian Sea. The Ginny prospect was interpreted as a hanging-wall half graben adjacent to the Bremstein High, with faults which subdivide the prospect into three segments: Ginny North, Central and South. The Hermine prospect lies beneath Ginny.

Exploration well 6407/9-13 operated by Equinor Energy AS commenced on 31 December 2021. It was announced at the beginning of February that the well had been drilled to a vertical depth of 2,319 metres below sea level and encountered the target reservoirs water wet.

Kveikje

Prospect Kveikje
Licence: PL293B
Partners: Longboat (10%), DNO, Equinor, INPEX Idemitsu

The Kveikje discovery is located in licence PL293 B, which lies in the Lomre Terrace region of the Norwegian North Sea.

Drilling of the Kveikje exploration well was undertaken in March/April 2022. The preliminary estimate of recoverable resources in Kveikje Main, being the primary target of the exploration well, is 28 to 48 MMboe (gross), above the pre-drill expectation. The discovery has excellent reservoir quality and is close to existing infrastructure allowing for a simple development through multiple export options.

An oil-filled reservoir of excellent quality was encountered 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. The top of the 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

Cambozola

Prospect: Cambozola
Licence: PL1049/PL1049B
Partners: Longboat (25%), Equinor (operator), Petoro, Spirit

Exploration well 34/9-1S, operated by Equinor Energy AS, commenced in April 2022 targeting Lower Cretaceous turbidite sand lobes and had the potential to be a play opener. The well was drilled to a total vertical depth of 4,393 metres below sea level. Background gas readings were recorded throughout the overlying section, but as announced in early June, the well failed to encounter any effective reservoir. The analysis of the data collected will assist in understanding the observed bright seismic amplitude anomaly and any remaining Lower Cretaceous prospectivity in the area.

Copernicus

Prospect: Copernicus
Licence: PL1017
Partners: Longboat (10%), Equinor, PGNiG (operator)

Copernicus is the primary prospect located in licence PL1017, which lies on the Utgard High in the Vøring Basin region of the Norwegian Sea. The prospect is a combination trap with mapped stratigraphic pinch out down-dip and a small structural component at the apex.

The prospective interval is identified as the Pliocene-Pleistocene Naust Formation. Based on seismic features this interval is interpreted as representing distal fan lobes sourced from erosion of coastal plain sediments in the Lofoten area. Petrophysical analysis of nearby wells show the Naust sands are good quality, with porosities of 25-35 percent and 100s to 1000s mD permeability. Well 6608/2-15 is close to the Copernicus prospect, but encountered shale with elevated gas readings. There appears to be a brightening on the seismic data down-dip of this well, with a depth conformant anomaly.

Oswig

Prospect: Oswig
Licence: PL1100, PL1100B
Partners: Longboat (20%), OMV (40% Operator), Wintershall Dea (20%), Source Energy (20%).

Oswig (PL1100) is scheduled to be drilled this summer and consists of a high pressure, high temperature Jurassic rotated fault block nearby the producing Tune and Oseberg fields in the Norwegian North Sea. The well is targeting two separate intervals, being the Tarbert and Ness formations.

The Oswig prospect is located close to existing infrastructure with tie back potential to the Oseberg and Tune fields.

Several additional fault blocks have been identified in PL1100 and PL1100B which would be significantly derisked by an Oswig discovery.

Velocette

Prospect: Velocette
Licence: PL1016
Partners: Longboat (20%), OMV (40% Operator), INPEX (40%)

Velocette is a gas-condensate prospect targeting Cretaceous Nise turbidite sands on the eastern flank of the Utgard High in the Norwegian Sea. The prospect has been identified following recent seismic reprocessing and benefits from seismic amplitude anomalies indicative of gas-filled sands. It is located within tieback distance from the Equinor operated producing Aasta Hansteen field (~45 km). A number of follow-up opportunities exist within the licence, which would be significantly de-risked by success in the Velocette well.

The Velocette well will be operated by OMV and is anticipated to be drilled in the second quarter of 2023.