Longboat Energy, the emerging full-cycle North Sea E&P company with a portfolio of significant, nearterm, low-risk exploration assets, including three discoveries to date, announces the commencement of drilling operations on the Ginny and Hermine exploration well (Company 9%) in the Norwegian Sea. The well spud on 31st December. These are the first in a high impact, four-well 2022 drilling programme targeting 75 million barrels of oil equivalent (“mmboe”) net to Longboat.

The Ginny and Hermine prospects are estimated to contain gross mean prospective resources of 41mmboe for Ginny and 27mmboe for Hermine with further potential upside to bring the total to 84mmboe and 45mmboe, respectively. The geological chance of success associated with the Ginny prospect is 27% and for Hermine 22% with the key risks being related to fault seal and fluid phase.

The drilling of the Ginny and Hermine prospects is being undertaken by the West Hercules drilling rig operated by Equinor. Well 6407/9-13, in production licence PL1060, is targeting both the Upper Jurassic Ginny and the Middle Jurassic Hermine prospects. The stacked reservoirs opportunity is located between the Galtvort discovery and Hasselmus field development.

The well is expected to take up to five weeks to drill with an estimated pre-carry net cost to Longboat of c.$2 million (c.$0.45 million post tax).

Equinor Energy AS is the operator with a 31% working interest; the other licensees are OKEA ASA (40%) and Chrysaor Norge AS (20%).

An announcement will be made, if applicable, when hydrocarbons are encountered, and/or on completion of drilling operations.

KeyFacts Energy: Longboat Norway country profile   l   Equinor Norway country profile