• Natural Gas News

    Longboat wraps up Norwegian farm-in

Summary

The prospects hold a combined 223mn barrels of oil equivalent in unrisked mean prospective resources.

by: NGW

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, Norway

Longboat wraps up Norwegian farm-in

London-listed Longboat Energy announced on July 1 it had completed a deal with Austria's OMV to farm into two near-term, gas-weighted exploration prospects off the coast of Norway.

The prospects hold a combined 223mn barrels of oil equivalent in unrisked mean prospective resources, Longboat said, and by acquiring a 20% interest in each, the company has received a 45mn boe cut of these resources.

A first well targeting the Oswig prospect is due to be spudded in July, while work on a well at the Velocette prospect should start in the second quarter of 2023. OMV operates both prospects with a 40% interest.

"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," Longboat CEO Helge Hammer said. ""Securing these additional wells through a bilateral negotiation continues to demonstrate Longboat's deep relationships in Norway."

Longboat announced the OMV deal in May. This followed a farm-in agreement it concluded last year to farm into a seven-well exploration campaign off Norway.