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Egyptian Vulture prospect set to spud in late August

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Oilfield Technology,

Longboat Energy has said that Equinor is on-track to spud the Egyptian Vulture prospect (Longboat working interest: 15%) in the Norwegian Continental Shelf (NCS) in late August 2021, using the West Hercules semi-submersible drilling rig.

The well is targeting gross mean prospective resources of 103 million boe with further potential upside to bring the total to 208 million boe. The geological chance of success associated with this prospect is 25% according to Longboat, with the key risk being related to reservoir quality/thickness.

The well is expected to take up to four weeks to drill. Upon success, there is the potential to provide low-CO2 blending gas to the nearby Equinor operated infrastructure (Åsgard).

Egyptian Vulture is an Upper Cretaceous turbidite play bounded within a regional graben located in the prolific Halten-Dønna Terrace. The prospect has been significantly de-risked by a strong AVO anomaly analogous to the large Hades discovery made by Faroe Petroleum in 2018 along with several other nearby Cretaceous discoveries also made by the Longboat management team (Solberg, Rodriguez, T-Rex).

Egyptian Vulture marks the first of an anticipated seven well exploration programme which will be drilled by Longboat over the next 18 months on the NCS targeting net mean prospective resource potential of 104 million boe with additional 220 million boe of upside and follow-on prospectivity.

The drilling programme has the potential to create a net asset value of over US$1 billion based on precedent transactions on the NCS for development assets.

The next well in the programme is scheduled to commence in mid-September and will target the Rodhette prospect (in which Longboat has a 20% interest) using the deepwater Scarabeo 8 semi-submersible drilling rig. This is a proven Jurassic Play in the Hammerfest Basin with a potential 30 km tie-back distance to the Goliat Field for early potential monetisation.

Longboat has also said that the process for seeking qualification as a licence holder of oil and gas assets on the NCS is progressing well with the required interviews completed with the NPD and PSA.

The company currently expects to complete the acquisitions before 30 September 2021, subject to Norwegian government approvals.

Helge Hammer, Chief Executive of Longboat, commented: "We are excited at the prospect of drilling our first exploration well and can now look forward to a busy period of almost continuous drilling and frequent value catalysts during the next 18 months with a combined upside value potential in excess of US$1 billion.

"Exploration activity in Norway is picking up and during the first six months of 2021, a total of 17 exploration wells have been completed, resulting in eight discoveries. On Egyptian Vulture we are partnering with one of the most successful explorers on the NCS and a successful well could add more than 15 million boe of net contingent resources with significant monetisation opportunities.

"Our plan remains to build Longboat in to a full-cycle, North Sea E&P company. We believe the momentum built by the initial acquisitions will enable us to take advantage of the increasing number of opportunities we are seeing in the market."

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