OMV Norge has spudded its Oswig exploration well, a 90-million barrel play opener billed as one of the larger gas prospects tested in Norway this year.
News of the start-up of drilling broke was broken by partner Longboat Energy, which holds a 20% stake in the licence alongside Source Energy (20%), Wintershall Dea (20%) and operator OMV (40%).
Drilling is being undertaken by the Maersk Intrepid jack up rig – a contract for which was secured last year – and is expected to take up to seven weeks to drill.
Located in licence PL1100, Oswig consists of a high pressure, high temperature (HPHT) Jurassic rotated fault block near to the Equinor-operated Tune and Oseberg fields in the Norwegian North Sea.
The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 million barrels of oil equivalent (boe).
Geological chance of success at the well has been estimated at 36%, with key risks identified as reservoir quality and fault seal.
Several additional fault blocks have been identified within the licence area, Longboat said, estimated to contain a further gross unrisked mean resources of 80 million boe which would be “significantly derisked” by a discovery at the field.
Longboat farmed into working interests with OMV for Oswig and Velocette (PL1016) earlier this year, which will target a combined gross mean resources of more than 220 million boe, of which 45 million boe is net to Longboat.
Velocette is expected some time in Q2 2023.
Longboat chief executive Helge Hammer said Oswig was the first of three upcoming gas-focused exploration wells for the company, the second of which – Copernicus – is also slated to spud this quarter.
“Longboat Energy’s exploration programme offers shareholders a unique opportunity to gain gas weighted drilling exposure targeting net mean prospective resource potential of 70 mmboe with an upside case of 142 mmboe,” he added.