EurOil: Longboat clinches second Norwegian farm-in deal

North Sea-focused junior Longboat Energy has announced a second farm-in deal off the coast of Norway, involving it in a two-well exploration campaign due to take place in 2022 and 2023.

Longboat has acquired 20% stakes in three licences in the Norwegian North Sea containing the Oswig and Velocette prospects from their operator, Austria’s OMV, which will retain 40% stakes in the projects. In return it has agreed to provide a pre-tax carry of NOK109mn ($12.4mn). The deal will bolster Longboat’s net unrisked mean resources by 68% to 110mn barrels of oil equivalent, with a further 55mn boe of follow-up potential.

Located within licences PL1100 and PL1100B, Oswig will be the first prospect to be drilled this summer, Longboat said. The prospect consists of a high pressure, high temperature Jurassic rotated fault block near the producing Tune and Oseberg fields operated by Equinor. The well is targeting 93mn boe in gross unrisked mean resources in the Tarbert and Ness formations, Longboat said, estimating its chance of success at 36%.

A discovery at Oseberg could be tied back to existing infrastructure at Oseberg and Tune. And several additional fault blocks have been identified at the two licences with a further 80mn boe of unrisked mean resources that would be significantly de-risked in the event of a find.

At Velocette, a well is due to be spudded in the second quarter of 2023. Seismic amplitude anomalies indicate gas-filled sands at the prospect within tieback distance to the Equinor-operated Aasta Hansteen field. The prospect contains 130mn boe of unrisked mean resources, Longboat said, estimating the well’s chance of success at 35%,

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