30th May 2023 13:24
Longboat Energy PLC - North Sea-focused exploration and production - A rig has been assigned for the drilling of the Lotus (Kjottkake) exploration well in Norway, in which it has a 30% interest, alongside operator DNO Norge AS with 40% and Aker BP ASA with 30%. The prospect will be drilled using the semi-submersible Deepsea Yantai and is expected to be drilled during the third quarter of 2024. Longboat estimates Lotus contains gross mean prospective resources of 27 million barrels of oil equivalent, with further potential upside estimated at 44 million. Says the chance of success is 56% with the key risk being hydrocarbon retention.
If successful, Longboat says Lotus is likely to form part of an area cluster development together with Kveikje and several other recent discoveries in the area, through infrastructure associated with the nearby giant Troll field. Chief Executive Helge Hammer says the next well on its programme will be Velocette, which is expected to spud late this summer, followed by Lotus next year.
Current stock price: 18.49 pence, up 2.7%
12-month change: down 68%
By Greg Rosenvinge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
LBE.L