Licence PL104922 Jul 2023 10:35
Longboat and a new licence group have been granted an extended
work period for licence PL1049, which has been stratigraphically
split and renamed PL1049S. Longboat Norge holds 40% in PL1094S
where the main objective is to pursue the Tertiary play, which has
been proven to be successful in the surrounding area including
Longboat’s Kveikje discovery. Two prospects, Jasmine (10-
30mmboe) and Sjøkreps (20-300mmboe) have been mapped in
PL1049S. An existing, high quality seismic dataset together with
Longboat’s substantial in-house expertise, will allow Longboat and
its partners to de-risk the prospectivity in a prolific part of the
Norwegian North Sea.
Retention of Licence with Significant Potential – Longboat Norge has announced
that a new licence group and an extended work period has been granted for PL1049,
which has been stratigraphically split and renamed PL1049S. The main objective is
to pursue the Tertiary play, which has been proven to be successful in the area
including the Kveikje discovery. 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.
Increased Working Interest, Successful Partnership – Longboat initially held a 25%
working interest in PL1049, where the deep Cambozola prospect was drilled in 2022.
As part of the PL1049S joint venture Longboat holds a 40% working interest
alongside DNO Norge AS (40%, operator) and Petoro (20%). Notably, DNO has
experienced significant success in recent years in close proximity to PL1049S. In
March 2023, DNO announced the Heisenberg discovery, its fifth consecutive
discovery in the Troll-Gjøa area, which includes the Røver Nord and Sør discoveries
and the Kveikje discovery.
Material Prospectivity – Two prospects, Jasmine and Sjøkreps have been mapped
on PL1049S, both targeting Tertiary plays.
Sjøkreps is a fault-bounded three-way dip closure at Palaeocene level and has
primarily estimated recoverable volumes ranging between 20-300mmboe (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 preliminary estimated between 10-30mmboe (P90-P10)
with the main risk being reservoir quality.
Low Cost Work Programme – The work programme consists of seismic studies,
potential seismic reprocessing and integration of results from ongoing near-term
wells targeting the same interval in the area, which combined have the potential to
significantly improve the chances of success ahead of a drill decision. The drilling
decision has to be made by February 2025.
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