Longboat Energy today announced the commencement of drilling operations on the Oswig exploration well (Company 20%) in Norway.

Oswig (PL1100) consists of a high pressure, high temperature Jurassic rotated fault block nearby the Equinor operated producing Tune and Oseberg fields in the Norwegian North Sea. The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 mmboe1, 19 mmboe(1) net to Longboat. The Oswig geological chance of success is estimated to be 36%1 and the key risks are reservoir quality and fault seal.

Oswig is one of the larger gas prospects being tested in Norway this year and several additional fault blocks have been identified within the licence area. These prospects are estimated to contain further gross unrisked mean resources of 80 mmboe which would be significantly derisked by an Oswig discovery. The drilling of the Oswig well 30/5-4 S, operated by OMV (Norge) AS, is being undertaken by the Maersk Intrepid jack up drilling rig and is expected to take up to seven weeks to drill.

Helge Hammer, Chief Executive of Longboat, commented:
“We are pleased to commence drilling of the first of three fully-funded, gas-focused exploration wells, with Copernicus – the second well in the series - also anticipated to spud this quarter.

“Longboat Energy’s exploration programme offers shareholders a unique opportunity to gain gas weighted drilling exposure targeting net mean prospective resource potential of 70 mmboe1 with an upside case of 142 mmboe.”

(1) Source: Combination of Operator estimates and ERC Equipoise Competent Person Report using, where appropriate using a gas-to-barrel of oil equivalent conversion factor of 5,600 scf/stb

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