Drilling operations at the Velocette (PL1016) exploration well in Norway have kicked off, Longboat Energy has revealed.
The company, which holds a 20 percent stake in the well, noted that it is a gas-condensate prospect targeting Cretaceous Nise turbidite sands on the eastern flank of the Utgard High in the Norwegian Sea.
The prospect benefits from seismic amplitude anomalies indicative of gas-filled sands and is located within tieback distance from the Equinor operated, producing Aasta Hansteen field, the company said in its media statement.
Velocette is estimated to contain gross unrisked mean resources of 177 mmboe (35 mmboe net to Longboat JAPEX Norge) with a geological chance of success of 30 percent, according to the company. A number of follow-on opportunities exist within license PL1016 with aggregate gross unrisked mean resources of 200 mmboe, which would be significantly de-risked by success in the Velocette well, Longboat Energy noted. The key risks associated with this prospect are reservoir presence and quality, according to Longboat.
The license partnership consists of Longboat JAPEX Norge AS (20 percent), OMV Norge AS (40 percent, operator) and INPEX Idemitsu Norge AS (40 percent).
“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,” Helge Hammer, Chief Executive of Longboat Energy, commented.
OMV, the operator, was given consent by the Petroleum Safety Authority of Norway to drill the well at the end of June. In September last year, OMV, together with Wintershall Dea, awarded a deal to Transocean for the use of their Transocean Norge, a sixth generation drilling rig, for a total of 17 wells.
These wells include all firm and additional potential wells in the period from 2023 to 2027. Out of the 17 wells under contract, six are OMV operated wells, including the Velocette prospect.
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