Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, today announced the commencement of drilling operations on the Velocette (PL1016) exploration well in Norway (Company 20%).

Velocette is a gas-condensate prospect targeting Cretaceous Nise turbidite sands on the eastern flank of the Utgard High in the Norwegian Sea. The prospect benefits from seismic amplitude anomalies indicative of gas-filled sands and is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~45 km).

Velocette is estimated to contain gross unrisked mean resources of 177* mmboe (35* mmboe net to Longboat JAPEX Norge AS) with a geological chance of success of 30%*. A number of follow on opportunities exist within license PL1016 with aggregate gross unrisked mean resources of ~200* mmboe, which would be significantly de-risked by success in the Velocette well. The key risks associated with this prospect are reservoir presence and quality.

The license partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%).

Helge Hammer, Chief Executive of Longboat Energy, commented:
"We are excited to have commenced drilling the Velocette prospect which will be our ninth exploration well. Velocette is a gas weighted opportunity targeting very significant prospective resources. The exploration well also has significant follow-on potential that will be derisked in the case of success."

*Source: ERCE CPR September 2022, a gas-to-barrel of oil equivalent conversion factor of 5,600 scf/stb

KeyFacts Energy: Longboat Norway country profile