Map showing location of the Egyptian Vulture exploration well, offshore Norway.Longboat Energy, the emerging full-cycle North Sea E&P company has announced a material discovery at the Egyptian Vulture exploration well in PL 939. The firm, established by the ex-management team of Faroe Petroleum, have an interesting ILX strategy including both M&A targets and new barrels from the drill bit. Exploration well 6407/1-9 encountered light oil in the primary target in the Lower Cretaceous Intra Lange Formation. Top reservoir was reached at 3,684m with 13m net sand in a 37m oil-filled gross interval. Net to gross is reportedly high in the upper part of the formation, with porosities around 16%. The operator’s preliminary estimate of recoverable resources is 19 to 63 MMboe (with STOIIP at 220 to 440 MMboe). A good flow rate prediction for the wells (subject to further study) will significantly increase the resource estimate for this laterally extensive discovery measuring approximately 80 km2 as defined by the seismic amplitude anomaly. Egyptian Vulture sits within a mature area with dense infrastructure, being 20 km from the Åsgard field and 23 km from the Kristin field, both of which are also operated by Equinor and which offer development options for Egyptian Vulture. Equinor operated the well and this is the second well by Longboat, in a fully funded seven well campaign. The firm have since announced a small sub-commercial discovery at 7/11-14 S in the Southern North Sea (operated by AkerBP). Next up are Ginny and Hermine later this year and Kveikje and Cambozola in 2022.
Longboat Energy, the emerging full-cycle North Sea E&P company has announced a material discovery at the Egyptian Vulture exploration well in PL 939, encountering light oil in the primary target in the Lower Cretaceous Intra Lange Formation.
