Page 11 - EurOil Week 50 2022

EurOil PROJECTS & COMPANIES EurOil

Longboat eyes further exploration after

string of discoveries off Norway

NORWAY NORWAY-FOCUSED Longboat Energy has end of 2024. These extra funds would be used “in
secured additional funds for further explora- 2023 and beyond,” it said.
Longboat said its focus tion, after wrapping up its drilling programme Looking ahead, Longboat plans to spud its
was now on Egyptian for this year. next well at the OMV-operated Velocette pros-
Vulture, Kveikje and In an update, the firm announced the com- pect, where it has a 20% stake, in the third quarter
Oswig. pletion of its five-well exploration plan for 2022. of 2023. The prospect is thought to hold 177mn
The company farmed into a seven-year drilling barrels of oil equivalent (boe) in gross, unrisked
programme in 2021 that began in September mean resources, or 35mn net to Longboat. The
that year. Since then it has chalked up five oil geological chance of success is estimated at 30%.
and gas finds, four of which – Egyptian Vul- The company added that it was “actively pur-
ture, Kveikje, Oswig and Rodhette – have been suing” other growth opportunities in Norway
deemed commercial. and elsewhere.
Longboat said its focus was now on Egyptian “Longboat is pleased to have completed
Vulture, Kveikje and Oswig, and progressing its 2022 well programme on schedule and on
them through appraisal. The company hopes budget, having made two discoveries at Kveikje
this will be achieved “through a combination and Oswig,” CEO Helge Hammer commented in
of appraisal and monetisation projects.” It will a statement. “Kveikje is one of the largest com-
offer another update on its forward activity pro- mercial oil discoveries in Norway during 2022,
gramme in the new year, it said. with excellent reservoir quality, close proxim-
The company noted that it had finished up ity to infrastructure and multiple development
its campaigns in line with expected expendi- options, and we are currently reviewing options
ture, and assessed its unaudited, year-end 2022 which include early monetisation.”
cash position would come to around GBP9mn “The Oswig gas-condensate discovery has
($11mn). The company had drawn NOK536mn substantial volume potential, including a possi-
($55mn) from its exploration finance facility, ble large extension towards the south. The dis-
and intends to pay it back fully when it gets a covery is located close to the Oseberg field, which
Norwegian tax rebate in November next year. is a major hub in the area and planned for electri-
Longboat also said it had agreed terms with its fication. The partnership is working to evaluate
lenders to expand this facility from NOK600mn the discovery and to identify the optimal future
to NOK800mn, and extend its duration to the potential development wells,” he continued. ™

Week 50 16•December•2022 www. NEWSBASE .com P11