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29 March 2021

Appraisal drilling confirms significant discovery at Dugong

Petrolia NOCO and its partners Neptune Energy (operator), Idemitsu Petroleum Norge and Concedo, today announced an updated volume estimate for the Dugong discovery, located in the Norwegian sector of the North Sea.

The adjusted resource range is based on preliminary results from the recently completed Dugong appraisal well (34/4-16 S). Revised recoverable resources are estimated to be between 40 – 108 million barrels of oil equivalent (mmboe). The new data provides greater certainty related to the reservoir, structure and recoverable resources, and will now be used by the partnership to optimise the development solution aiming to submit a Plan for Development and Operation by the end of 2022.

The Dugong discovery, in Production Licence 882, was one of the largest discoveries on the Norwegian Continental Shelf in 2020. Dugong is located 158 kilometres west of Florø, Norway, at a water depth of 330 metres, and is close to the existing production facilities of the Snorre field. The reservoir lies at a depth of 3,250 – 3,500 metres.

The appraisal well has provided valuable information to help de-risk additional exploration and development opportunities in the licence and in the surrounding area where Petrolia holds a 30% share in two licenses (PL992 and PL994) adjacent to PL882 which both have interesting prospectivity. The Dugong partners plan to drill another exploration well in the PL882 in the third quarter of 2021, targeting the Dugong Tail prospect. This exploration well could add additional volumes to the Dugong development.

Dugong licence-partners: Neptune Energy (operator and 45%), Petrolia NOCO (20%), Idemitsu Petroleum Norge (20%) and Concedo (15%).

Please find below URLs to the press release from the Norwegian Petroleum Directorate and  Neptune concerning the discovery.

NPD

Neptune