Business
Velocette Minor Gas Discovery
Velocette Minor Gas Discovery.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\n20 September 2023\n Longboat Energy plc \n(\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \nVelocette Minor Gas Discovery\n \nLongboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, announces a minor discovery at the Velocette (PL1016) exploration well in Norway (Longboat JAPEX Norge AS 20%).\n \nThe exploration well 6607/3-1 S encountered hydrocarbons in the primary target in Cretaceous turbidite sands in the Nise formation. The top of the reservoir was reached close to prognosis at a vertical depth of 3348 metres below sea level with 61 meters of high net-to-gross, moderate to very good quality sandstone. Data acquisition indicates a gas column of approximately nine metres in the well.\n \nAs the Velocette volumes are at the lower end of pre-drill expectations the discovery is not considered to be commercial in isolation. However, the licence contains numerous other prospects which have been derisked by the presence of gas in good quality reservoir in the Velocette well. The remaining prospectivity has significant size potential in multiple structures and with slightly different trapping geometries. Further assessment of the licence prospectivity together with other opportunities in the area could impact the commercial potential of the licence. High quality data and gas and fluid samples were collected in the exploration well and these will be integrated into the updated prospect evaluations. PL1016 is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~45 km).\n \nTh...