Longboat Announces Minor Find at Velocette

Longboat Energy announced in a media release a minor find at the Velocette (PL1016) exploration well in Norway.

The exploration well 6607/3-1 S encountered hydrocarbons in the primary target in Cretaceous turbidite sands in the Nise formation on the eastern flank of the Utgard High in the Norwegian Sea, the company revealed. The prospect had been identified following recent seismic reprocessing and benefits from seismic amplitude anomalies indicative of gas-filled sands, Longboat outlines on its site.

The top of the reservoir was reached close to prognosis at a vertical depth of 3,348 meters (10,985 feet) below sea level with 61 meters (200 feet) of high net-to-gross, moderate to very good quality sandstone, Longboat said. Data acquisition indicates a gas column of approximately nine meters (30 feet) in the well, according to the company.

As the Velocette volumes are at the lower end of pre-drill expectations the discovery is not considered to be commercial in isolation. However, the license contains numerous other prospects which have been derisked by the presence of gas in good quality reservoir in the Velocette well, Longboat stated.

Longboat added that the remaining prospectivity has significant size potential in multiple structures and with slightly different trapping geometries. Further assessment of the license prospectivity together with other opportunities in the area could impact the commercial potential of the license, Longboat revealed.

High quality data and gas and fluid samples were collected in the exploration well and these will be integrated into the updated prospect evaluations, the company pointed out. PL1016 is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~28 miles).

The well will now be plugged and abandoned as planned. The license partnership consists of Longboat JAPEX Norge (20 percent), OMV Norge (40 percent operator) and INPEX Idemitsu Norge (40 percent).

“Although we are disappointed not to have made a commercial discovery in Velocette, the presence of good quality sandstone reservoir, which was the main pre-drill risk, and the presence of gas is encouraging,” Helge Hammer, Chief Executive of Longboat Energy, said.

“There is significant follow-on potential that has been derisked with this result and we will be working with our joint venture partners to mature these opportunities further,” Hammer added.

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