LONDON, UK: Longboat Energy, the emerging full-cycle North Sea E&P company, announced the commencement of drilling operations on the Kveikje exploration well (Company 10%).
Kveikje is the primary prospect in licence PL293B, which lies in an area north of the giant Troll field in the Norwegian North Sea with many producing fields and significant infrastructure.
The Kveikje well will be drilled close to recent discoveries, lying c. 8km from the Swisher discovery and c. 10km from the Toppand discovery. If successful, Kveikje could potentially form part of an area cluster development.
The prospect is an Eocene Balder Formation injectite with seismic amplitude support. Injectite reservoirs are typically characterised by excellent reservoir properties, with recent exploration successes of this type including the King and Frosk discoveries in the Balder and Alvheim area respectively. The exploration well has further potential upside in the underlying Paleocene Rokke and Late Cretaceous n’Roll secondary prospects.
Kveikje is estimated to contain gross mean prospective resources of 36 mmboe with further potential upside estimated at 79 mmboe on a gross basis. The chance of success associated with the Kveikje prospect is 55% with the key risks being trap presence and seal integrity.
Rokke and n’Roll have an additional 127 mmboe of gross mean prospective resource with chances of success in the range of 14%-34% which have not been reviewed by ERCE and are based on Operator estimates.
The drilling of the Kveikje well 35/10-8S is being undertaken by the Deepsea Stavanger semi-submersible drilling rig and operated by Equinor and is expected to take up to four weeks to drill.
Helge Hammer, Chief Executive of Longboat, commented: “I am pleased that we have now commenced drilling operations for the fifth exploration well in our drilling programme.
“Longboat Energy’s 2022 exploration programme offers shareholders a unique opportunity to gain exposure to a drilling portfolio of three wells targeting net mean prospective resource potential of 69MMboe1 with an additional 256 MMboe1 of upside.”