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17 June 2020

Drilling of the Dugong well (PL 882) set to commence by 19th June

Petrolia NOCO announces that the Dugong well in license PL882 is expected to be spudded by the 19th of June. A contingent side-track may be drilled to delineate the extent of any discovery. The well is located to the west of the Snorre Field in the Northern North Sea, which has been upgraded for production beyond 2040. Petrolia NOCO holds a 20% share of the license. Other partners are Neptune Energy Norge AS (Operator with 40%), Concedo AS and Idemitsu Petroleum Norge AS each with a 20% share.

The PL 882 license was awarded as part of the APA 2016 round, where Petrolia NOCO recognised that blocks to the west of the Snorre Field were under-explored. Utilising new broadband seismic, the Dugong prospect is estimated by Petrolia NOCO to contain prospective recoverable resources of 86 mmboe expected mid estimate. In addition, the company holds a 30% share in two licenses (PL992 and PL994) adjacent to PL882 which both have interesting prospectivity.

Petrolia NOCO’s Managing Director Linn Katrine Høie said “The drilling of the Dugong well represents the culmination of the company’s collaborative approach to exploration and strong teamwork. In the event of success, the well will be transformative for the company and add significant value for shareholders and other stakeholders.”