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Egyptian Vulture Discovery
Egyptian Vulture Discovery.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0289Q\n Longboat Energy PLC\n 25 October 2021\n \n \n \n \n 25 October 2021\n \n \n Longboat Energy plc \n \n \n (\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \n \n \n \n \n Egyptian Vulture Discovery\n \n \n \n \n \n Longboat Energy, the emerging full-cycle North Sea E&P company with a portfolio of significant, near-term, low-risk exploration assets, is pleased to announce a material discovery at the Egyptian Vulture exploration well in PL939 (Company 15%), the second well in its fully-funded, seven well exploration programme. \n \n \n \n \n \n The exploration well 6407/1-9 in the Norwegian Sea encountered light oil in the primary target in the Lower Cretaceous (Cenomanian) Intra-Lange Formation. The top of the reservoir was reached close to prognosis at a vertical depth of 3,684 metres below sea level with 13 metres net sand in a 37 metre oil filled gross interval. The upper part of the Lange sand interval has a high net to gross ratio and porosities in the order of 16 percent. An extensive programme of data acquisition and sampling has been carried out and the preliminary analysis of the oil sample indicates a very light oil. The oil-water contact was not encountered.\n \n \n \n \n \n The operator's preliminary estimate of recoverable resources in the Egyptian Vulture discovery is 19 to 63 MMboe (gross) and the oil-in-place volume has been estimated at 220 to 440 MMboe (gross). Conservative recovery factors have been applied by the operator in calculating these preliminary resource estimates and further appraisal will be required to understand the flow potential of the reservoir and future development wells. This could significantly increase the resource estimate for this laterally extensive discovery measuring approximately 80 km2 as defined by the seismic amplitude anomaly.\n \n \n \n \n \n Egyptian Vulture sits in an area of significant infrastructure and export opportunities both for oil and gas. The well was drilled 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.\n \n \n \n \n \n The well, operated by Equinor, was drilled ahead of time and budget, and having reached a total vertical depth of 3,936 metres wil...