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Longboat Energy announce drilling operations in Norway

Published by , Editorial Assistant
Oilfield Technology,

Longboat Energy has announced the commencement of drilling operations on the Velocette (PL1016) exploration well in Norway.

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 benefits from seismic amplitude anomalies indicative of gas-filled sands and is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (45 km).

Velocette is estimated to contain gross un-risked mean resources of 177 mmboe (35 mmboe net to Longboat JAPEX Norge AS) with a geological chance of success of 30%. A number of follow on opportunities exist within license PL1016 with aggregate gross un-risked mean resources of 200 mmboe, which would be significantly de-risked by success in the Velocette well. The key risks associated with this prospect are reservoir presence and quality.

The license partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%).

Helge Hammer, Chief Executive of Longboat Energy, commented: "We are excited to have commenced drilling the Velocette prospect which will be our ninth exploration well. Velocette is a gas weighted opportunity targeting very significant prospective resources. The exploration well also has significant follow-on potential that will be de-risked in the case of success."

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