Business
Lotus (Kjøttkake) Rig Assignment
Lotus (Kjøttkake) Rig Assignment.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\n30 May 2023\n \nLongboat Energy plc (\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \nLotus (Kjøttkake) Rig Assignment\n \nLongboat Energy, the emerging full-cycle E&P company, is pleased to announce that a rig has been assigned for the drilling of the Lotus (Kjøttkake) exploration well (Company 30%) in Norway.\n \nThe Lotus prospect will be drilled using the semi-submersible Deepsea Yantai and is expected to be drilled during Q3 2024. The license partnership includes DNO Norge AS (40%, op) and Aker BP ASA (30%).\n \nLicence PL1182S lies in the prolific Northern North Sea, 4kms southeast of the Company's recent significant Kveikje discovery where Longboat is a 10% equity partner.\n \nLongboat's Lotus prospect has been named Kjøttkake by the license operator. It comprises Paleocene injectite sandstones, characterised by excellent reservoir properties, and is supported by seismic amplitudes. Longboat exploited its significant knowledge of injectite reservoirs, which are also the main reservoir in the Kveikje discovery, to secure the Lotus prospect through a firm well commitment in last year's APA 2022 licencing round.\n \nBased on the Company's estimates, Lotus contains gross mean prospective resources of 27 mmboe* with further potential upside estimated at 44 mmboe*. The chance of success is 56%* with the key risk being hydrocarbon retention.\n \nIf successful, Lotus is likely to form part of an area cluster development together with Kveikje and several other recent discoveries in the area, through infrastructure associated with the nearby giant Troll field.\n \nHelge Hammer, Chief Executive of Longboat Energy, commented:\n \n\"I am pleased that we have secured a rig for drilling Lotus, which could add substantial reserves to our Kveikje development if successful. \n \nThe next well on the programme will be Velocette, which is expected to spud late this summer, and which will be followed by Lotus next year.\"\n \nNotes:\nThe information contained within this announcement is not considered to be inside information prior to its release.\nEnds\n\n\n\nEnquiries:\n\n\n\n\n\n\n\n\n\n\nLongboat Energy\n\n\n\n\n\n\n\nHelge Hammer, Chief Executive Officer\n\n\nvia FTI\n\n\n\n\nJon Cooper, Chief Financial Officer\n\n\n\n\n\n\n\nNick Ingrassia, Corporat...