Longboat JAPEX Norge AS has farmed down two exploration licenses on the Norwegian Continental Shelf (NCS) through an agreement with Concedo AS.
License PL1182S is in the Northern North Sea, 4 km southeast of the recent Kveikje discovery (OGJ Online, May 30, 2023). Longboat JAPEX farmed down from 30% to 15% in return for a full carry of the Lotus exploration well which is expected to spud third-quarter 2024.
The Lotus prospect comprises Palaeocene injectite sandstones, characterized by excellent reservoir properties, and is supported by seismic amplitudes. Based on internal estimates, Lotus contains gross mean prospective resources of 27 MMboe with further potential upside estimated at 44 MMboe. The chance of success is 54% with the key risk being hydrocarbon retention.
If successful, Lotus-Kjøttkake is likely to form part of an area cluster development together with Kveikje and several other recent discoveries in the area, through infrastructure associated with the nearby giant Troll field.
The Lotus prospect will be drilled using the semi-submersible Deepsea Yantai. The license partnership includes DNO Norge AS (40%, operator) and Aker BP ASA (30%).
In PL1049, Longboat Energy Norge initially held 25% where the deep Cambozola prospects were drilled in 2022. The license has been stratigraphically split with the target for further exploration in shallower levels. 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-bound three-way dip closure at Palaeocene level and has preliminary estimated recoverable volumes ranging between 20 and 300 MMboe (P90-P10) with the main risk being presence and 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 and 30 MMboe (P90-P10) with the main risk also being reservoir presence and quality.
The work program consists of seismic studies, potential seismic reprocessing, and integration of results from ongoing and near-term wells targeting the same interval in the area. The potential drilling decision has to be made by February 2025.
