Longboat Energy PLC (AIM:LBE) has announced a new discovery in the Norwegian North Sea, with the Rødhette exploration well encountering a 29-metre hydrocarbon column in its primary target.
Rødhette, 20% owned by Longboat, is the first well in a seven well programme.
The well encountered a 29-metre hydrocarbon column in the Stø Formation. The top of the reservoir was reached close to prognosis and it was seen to comprise moderate to good quality sandstone, with data indicating an 18-metre gas column over an oil rim. It is estimated to contain between 9mln and 12mln barrels of recoverable resources.
"We are pleased to have made a hydrocarbon discovery with our first exploration well following our transformative acquisitions made this summer,” said Helge Hammer, Longboat's chief executive.
“We look forward to working together with the operator to use the data collected to assess the development potential for Rødhette alongside existing discoveries and further exploration potential in the area.”
The Mugnetind exploration well is now being drilled, targeting a 24mln barrel reservoir target with potential for around 47mln barrels of upside potential.