Longboat Energy, the emerging full-cycle North Sea E&P company, has completed  the farm-in agreement with OMV Norge.

Through the agreement, Longboat farmed-in to two near-term, gas weighted exploration prospects on the Norwegian Continental Shelf (“NCS”) targeting combined gross unrisked mean prospective resources of 223 mmboe(1) (45 mmboe(1) net to Longboat).

The first of these wells, Oswig (Company 20%), is expected to spud in July with Velocette (Company 20%) expected to be drilled in Q2 2023. In addition, and separate to the OMV farm-in, a further exploration well, Copernicus (Company 10%), is expected to commence drilling before the end of this quarter.

Oswig and Velocette are operated by OMV (40% working interest) and both licences have significant follow-on prospectivity which would be de-risked by any exploration success. The Oswig well could significantly derisk further gross unrisked mean resources of 80 mmboe.

“We are pleased to have completed the farm-in agreement with OMV and look forward to spudding the first of the two additional wells in July. This will be the first in a series of three fully-funded, gas-focused exploration wells of which the first two are anticipated to spud over the next three months.

“Securing these additional wells through a bilateral negotiation continues to demonstrate Longboat’s deep relationships in Norway,” Helge Hammer, Chief Executive of Longboat, commented.

1 source : Operator estimates using, where appropriate using a gas-to-barrel of oil equivalent conversion factor of 5,600 scf/stb