Longboat Energy Completes Farm-in Agreement

Source: www.gulfoilandgas.com 7/1/2022, Location: Europe

The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an up-and-coming full-cycle North Sea E&P business. In accordance with the agreement, Longboat farmed-in to two short-term, gas-weighted exploration opportunities on the Norwegian Continental Shelf ("NCS") that aim to produce combined gross unrisked mean potential resources of 223 mmboe1 (45 mmboe1 net to Longboat).

The first of these wells, Oswig (Company 20%), is expected to spud in July with Velocette (Company 20%) expected to be drilled in Q2 2023. In addition, and separate to the OMV farm-in, a further exploration well, Copernicus (Company 10%), is expected to commence drilling before the end of this quarter.

Oswig and Velocette are operated by OMV (40% working interest) and both licences have significant follow-on prospectivity which would be de-risked by any exploration success. The Oswig well could significantly derisk further gross unrisked mean resources of 80 mmboe.

Helge Hammer, Chief Executive of Longboat, commented:
“We are pleased to have completed the farm-in agreement with OMV and look forward to spudding the first of the two additional wells in July. This will be the first in a series of three fully-funded, gas-focused exploration wells of which the first two are anticipated to spud over the next three months.

“Securing these additional wells through a bilateral negotiation continues to demonstrate Longboat’s deep relationships in Norway.”


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