Longboat Energy today announced that a new licence group has been formed and an extended work period has been granted in Norwegian licence PL1049, which has been stratigraphically split and renamed PL1049S.

Longboat Energy Norge AS holds 40% in PL1049S where the main objective is to pursue the Tertiary play, which has been proven to be successful in the area including in Longboat's Kveikje discovery in PL293B, only 12 km to the East.

Two prospects, Jasmine and Sjøkreps, have been mapped in PL1049S. Longboat previously held 25% in PL1049 where it drilled the deep Cambozola prospect in 2022.

Transaction highlights:  

• Longboat Energy Norge AS increases its prospective resources by forming a new joint venture and retaining a 40% interest in PL1049S
• PL1049S contains two prospects in the Tertiary play: Jasmine and Sjøkreps
• The prospects will be de-risked by wells committed to be drilled in the vicinity and processing of the existing high quality seismic data before drilling decisions are taken

The Company holds 40% in PL1049S where a new joint venture has been formed with DNO Norge AS as operator holding 40% and with Petoro holding 20%.

Longboat initially held 25% in PL1049 where the deep Cambozola prospects was drilled in in 2022. The target for further exploration in the licence is the shallower levels and the licence has been stratigraphically split. The new licence group is retaining PL1049S where two prospects have been mapped, Sjøkreps and Jasmine, both targeting Tertiary plays. The area is covered with new modern high quality seismic data and combined with new processing techniques, there is significant potential to de-risk the exploration prospects.

Sjøkreps is a fault-bounded three-way dip closure at Palaeocene level and has preliminary estimated recoverable volumes ranging between 20 to 300 mmboe (P90-P10) with the main risk being quality of reservoir.

The Jasmine prospect is an injectite target at Eocene level, which is analogous to the Kveikje discovery, and has recoverable volume range preliminarily estimated between 10 to 30 mmboe (P90-P10) with the main risk being reservoir quality.

The work programme consists of seismic studies, potential seismic reprocessing and integration of results from ongoing and near-term wells targeting the same interval in the area, which combined have the potential to significantly improve the Chances of Success ahead of making a drill decision. The drilling decision has to be made by February 2025.

Longboat Norge AS will shortly become a joint venture between Longboat Energy and Japan Petroleum Exploration Co., Ltd ("JAPEX") on completion of the investment into Longboat Norge by JAPEX announced on 2 May 2023.

Helge Hammer, Chief Executive of Longboat Energy, commented:
"We are pleased to be able to retain PL1049S in an area which has seen considerable exploration success in recent years including our own Kveikje discovery in April last year. It is exciting that with new high quality seismic data together with our substantial in-house expertise, we have a unique opportunity to de-risk exploration opportunities and add new resources in this very prolific part of the Norwegian North Sea.

"We look forward to working with DNO and Petoro to mature the Jasmine and Sjøkreps prospects and build our position in this key area where we already have the Kveikje discovery and will be drilling the Kjøttkake (formerly Lotus) prospect next year."

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