The Dugong license today announces that an appraisal well has commenced drilling on the Dugong discovery, located in the Norwegian sector of the North Sea in Production License 882. Petrolia has 20% ownership in the license and sees great potential in this area. The appraisal well is important for the maturation of the Dugong discovery towards a commercial development.
The Dugong discovery was one of the largest discoveries on the Norwegian Continental Shelf in 2020 with recoverable volumes between 40 -120 million barrels of oil equivalent (boe) as communicated by the NPD in their press release. The Dugong partners also plan to drill an exploration well in the license in the third quarter of 2021, targeting the Dugong Tail prospect.
Petrolia NOCO’s Managing Director Linn Katrine Høie said: “The ongoing activities underlines our commitment to investing in the region and to growing significant shareholder value in The Greater Dugong Area. Data from this well will provide valuable information to help de-risk additional exploration and development opportunities in the license and in the surrounding area, where Petrolia now holds a 30% share in two licenses (PL992 and PL994) adjacent to PL882 which both have interesting prospectivity.”
The press release from the Operator, Neptune Energy, can be found here.