LONDON, UK: Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, has announced the commencement of drilling operations on the Velocette exploration well in Norway, where it holds a 20% stake.

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

Velocette is estimated to contain gross unrisked mean resources of 177 mmboe, with a geological chance of success of 30%. The exploration well also has significant follow-on potential that will be derisked in the case of success.

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 derisked in the case of success.”

Longboat Energy acquires stakes in Statfjord Satellites from INPEX Idemitsu