Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Longboat Energy report hydrocarbon discovery at Oswig well in Norway

23rd Sep 2022 14:46

(Alliance News) - Longboat Energy on Friday reported that it had encountered hydrocarbons at the Oswig exploration well in Norway.

Longboat Energy has a 20% interest in the licence alongside WintershallDEA Norge AS and Source Energy AS. OMV Norge AS has a 40% interest and is the operator.

Tests at the exploration well confirmed the presence of gas-condensate at the Tarbert formation and revealed that preliminary gas in-place volumes were higher than pre-drill expectations. No conclusive results were possible from the deeper Ness formation.

Following the discovery, a decision was taken to drill a sidetrack well and perform a drill stem test at the site. The key objectives of the drill stem test are to establish reservoir productivity, detailed fluid properties and determine the range of recoverable resources.

The further operations are expected to take between six and eight weeks to complete and remain subject to the granting of the associated regulatory approvals.

The Oswig well is a high pressure, high temperature Jurassic rotated fault block near to the Equinor operated producing Tune and Oseberg fields. Preliminary results suggest it is "one of the largest gas prospects" being tested in Norway this year.

Chief Executive Officer Helge Hammer said: "We are very pleased to have encountered hydrocarbons in the Oswig exploration well, the first of two wells we farmed-into from OMV. We now look forward to working with the operator on the sidetrack and drill stem tests and to making the final well result announcement in due course."

Shares in Longboat Energy were trading 1.2% higher at 43 pence each in London on Friday afternoon.

By Chris Dorrell; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

FTSE 100 Latest
Value6,979.85
Change-72.77