The exploration well 7/11-14 S, drilled by the jackup Maersk Integrator, encountered hydrocarbons in the Upper Jurassic Ula Formation.
However, according to partner Longboat Energy, the reservoir section in Mugnetind was thinner than predicted with a thick coal layer immediately beneath the reservoir.
Aker BP’s early analysis suggests recoverable resources in the range of 5-11 MMboe, not sufficient to justify a standalone development.
Helge Hammer, Longboat’s chief executive, said: “While we are disappointed that Mugnetind has come in below pre-drill expectations, we will continue to review opportunities in the area and the potential for finding a commercial development solution…
“The company is looking forward to the continuing fully funded well program with Ginny/Hermine expected [to spud] later in 2021 and the Kveikje and Cambozola wells spudding in the spring of 2022.”