Page 12 - EurOil Week 19 2022

EurOil PROJECTS & COMPANIES EurOil

Longboat clinches second

Norwegian farm-in deal

NORWAY NORTH Sea-focused junior Longboat Energy the second quarter of 2023. Seismic ampli-
has announced a second farm-in deal off the tude anomalies indicate gas-filled sands at
This marks the coast of Norway, involving it in a two-well explo- the prospect within tieback distance to the
company’s second ration campaign due to take place in 2022 and Equinor-operated Aasta Hansteen field. The
farm-in deal off Norway 2023. prospect contains 130mn boe of unrisked mean
Longboat has acquired 20% stakes in three resources, Longboat said, estimating the well’s
licences in the Norwegian North Sea containing chance of success at 35%,
the Oswig and Velocette prospects from their “Securing these additional wells through
operator, Austria’s OMV, which will retain 40% a bilateral negotiation continues to demon-
stakes in the projects. In return it has agreed strate Longboat’s deep relationships in
to provide a pre-tax carry of NOK109mn Norway and gives investors exposure to a sig-
($12.4mn). The deal will bolster Longboat’s net nificantly increased exploration programme
unrisked mean resources by 68% to 110mn bar- targeting net mean unrisked prospective
rels of oil equivalent, with a further 55mn boe of resources of 110mn, a 68% increase,” Long-
follow-up potential. boat CEO Helge Hammer said in a statement.
Located within licences PL1100 and “These important wells also maintain the
PL1100B, Oswig will be the first prospect to company’s focus on material gas opportu-
be drilled this summer, Longboat said. The nities near to infrastructure at a time when
prospect consists of a high pressure, high tem- European energy security remains a top gov-
perature Jurassic rotated fault block near the ernmental priority.”
producing Tune and Oseberg fields operated by The latest farm-in deal follows an agree-
Equinor. The well is targeting 93mn boe in gross ment Longboat reached last year to buy into a
unrisked mean resources in the Tarbert and Ness seven-well exploration campaign at licences off
formations, Longboat said, estimating its chance Norway. So far this campaign has been largely a
of success at 36%. success, with three of the five wells drilled so far
A discovery at Oseberg could be tied back resulting in discoveries.
to existing infrastructure at Oseberg and Tune. Longboat expects to report results from a
And several additional fault blocks have been sixth well targeting the Cambozola prospect in
identified at the two licences with a further 80mn the coming years.
boe of unrisked mean resources that would be “We now have a sequence of significant,
significantly de-risked in the event of a find. potential value catalysts between now and the
At Velocette, a well is due to be spudded in middle of next year,” Hammer said. ™

P12 www. NEWSBASE .com Week 19 12•May•2022