DNO Norge, Longboat Energy, and Petoro have joined forces to establish a new licence group focused on advancing two exploration prospects in the North Sea. Concurrently, an extended work period has been granted for a licence that has undergone stratigraphic splitting and has been renamed. The trio aims to de-risk these prospects before making a drilling decision.

Longboat Energy initially held a 25% stake in PL1049, where the deep Cambozola prospect was drilled in 2022. Since the target for further exploration in the licence lies in shallower levels, the licence has been stratigraphically split and renamed PL1049S. Longboat Energy now holds a 40% interest in the new licence, with DNO Norge as the operator, also owning a 40% stake, and Petoro holding the remaining 20% interest.

The newly formed licence group retains PL1049S, which encompasses two mapped prospects: Sjøkreps and Jasmine. Both prospects target Tertiary plays. With the availability of new seismic data and advanced processing techniques, Longboat Energy believes there is significant potential to de-risk these exploration prospects. The success of the Tertiary play in the area, including Longboat's Kveikje discovery in PL293B located just 12 km to the east, further supports their optimism.

Longboat Energy's CEO, Helge Hammer, expressed enthusiasm about retaining PL1049S in an area that has witnessed considerable exploration success in recent years. He highlighted the opportunity to leverage high-quality seismic data and their in-house expertise to de-risk exploration opportunities and add new resources to this prolific part of the Norwegian North Sea.

Sjøkreps, a fault-bounded three-way dip closure at the Palaeocene level, is estimated to have preliminary recoverable volumes ranging from 20 to 300 million barrels of oil equivalent (mmboe) (P90-P10), with reservoir quality being the main risk factor. On the other hand, the Jasmine prospect is an injectite target at the Eocene level, similar to the Kveikje discovery, with a recoverable volume range preliminarily estimated between 10 to 30 mmboe (P90-P10), where reservoir quality poses the primary risk.

The work program for PL1049S includes seismic studies, potential seismic reprocessing, and integration of results from ongoing and near-term wells targeting the same interval in the area. These activities have the potential to significantly enhance the chances of success before the drill decision, which must be made by February 2025.

Hammer expressed eagerness to collaborate with DNO and Petoro to advance the Jasmine and Sjøkreps prospects and strengthen their position in this vital area. He highlighted the Kveikje discovery already made by Longboat Energy and the upcoming drilling of the Kjøttkake (formerly Lotus) prospect next year.

Longboat Norge is set to become a joint venture between Longboat Energy and Japan Petroleum Exploration (JAPEX) upon completion of JAPEX's investment in Longboat Norge. The company is also actively expanding its oil and gas portfolio with stakes in two fields that will serve as its initial production assets offshore Norway.