Longboat Energy, the emerging full-cycle North Sea E&P company, today announced a significant discovery in the Equinor operated Kveikje exploration well (35/10-8S) in licence PL293B (Company
10%).

The preliminary estimate of recoverable resources in Kveikje Main, being the primary target of the exploration well, is 28 to 48 MMboe (gross), above the pre-drill expectation.

The discovery has excellentreservoir quality and is close to existing infrastructure allowing for a simple development through multiple export options.

Exploration well 35/10-8S, Norwegian North Sea

• Oil-filled reservoir of excellent quality encountered in the Kveikje primary Eocene target
• Gas layer of similar excellent reservoir quality encountered in the overlaying Kveikje Hordaland Eocene injectite
o the top of the Kveikje Main reservoir was reached close to prognosis at a vertical depth of 1,757 metres below sea level with 18.4 metres of net sand in a 24-metre oil filled gross interval with porosities in the order of 30 percent
o the top of the Kveikje Hordaland reservoir was reached close to prognosis at a vertical depth of 1,691 metres below sea level with 2.7 metres of net sand in a 4-metre gas filled gross interval with porosities in the order of 31 percent
• Secondary targets, Rokke and N’Roll both encountered indications of sand with hydrocarbons with further analysis required to determine potential

Helge Hammer, Chief Executive of Longboat, commented:
“Longboat is very pleased to have made a significant commercial discovery in the Kveikje well.

“Excellent reservoir quality, close proximity to infrastructure and multiple development options make this an important and valuable resource and we look forward to working with the operator to mature the forward plan. We believe that this is an asset that can be commercialised via either development or transaction given the high value barrels that we have discovered.

“Kveikje is the fifth well and third discovery in our seven well drilling campaign. The rig will now move to the nearby Cambozola well where we have a 25% working interest. Cambozola is a play opener and one of the largest gas prospects to be drilled in Norway in 2022 and mid-year we expect to spud Copernicus, another a very large gas prospect.”