Longboat Energy announces minor oil discovery in Southern North Sea

LONDON, UK: Longboat Energy announced a minor oil discovery with the Mugnetind exploration well in licence PL906 (Company 20%) in the Southern North Sea.

The exploration well 7/11-14 S 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 metre gross section with 14 metres of net sandstone of moderate to good quality.

The reservoir section in Mugnetind is thinner than predicted as we encountered a thick coal layer 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.

The well, operated by AkerBP, was drilled ahead of time and below budget and will now be plugged and abandoned as planned.

Helge Hammer, Chief Executive of Longboat, commented: “While we are disappointed that Mugnetind has come in below pre-drill expectations, we will continue to review opportunities in the area and the potential for finding a commercial development solution. Nevertheless, having discovered hydrocarbons in all of our first three wells is a fantastic achievement by our technical team.”

“Following our material discovery at Egyptian Vulture earlier this week, the Company is looking forward to the continuing fully funded well programme with Ginny/Hermine expected later in 2021 and the Kveikje and Cambozola wells spudding in the spring of 2022.”

www.longboatenergy.com

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