STAVANGER, Norway — Equinor and its partners have decided not to seek an extension of the PL 939 license in the Norwegian Sea, containing the 2021 Egyptian Vulture light oil discovery.
The field is close to infrastructure on the Halten Terrace. According to Longboat Energy (15%), on the seismic it shows up as a large amplitude anomaly. Technical studies have attempted to de-risk the discovery with a special focus on seismic interpretation and distribution of areas with good reservoir.
ERCE’s independent assessment, commissioned by Longboat, confirmed 1C-3C resources at 4 MMboe to 68 MMboe.
However, a successful appraisal well would need to encounter better reservoir quality than that penetrated by the discovery well, Longboat said.
The partners are not in agreement on appraisal drilling and have hence opted to relinquish the concession.
Longboat now hopes to assemble a new group to take the asset forward. But rather than take over the existing license, which would involve rising license fees, it will reapply for the acreage in a forthcoming license round with awards due in January 2024.