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4 August 2020

Petrolia NOCO confirms significant oil discovery at the Dugong well (PL882) operated by Neptune Energy

Petrolia NOCO today announces the commercial discovery of oil at the Dugong well in the Norwegian sector of the North Sea, the largest discovery in Norway so far this year.

The volumes are estimated to be in the range of 6.3 – 19.0 million standard cubic meters (MSm3) of recoverable oil equivalent, or 40 – 120 million barrels of oil equivalent. In addition, the Dugong discovery has identified another prospect estimated by the Operator at 5.2 million standard cubic meters (MSm3) of recoverable oil equivalent, or 33 million barrels of oil equivalent.

The discovery consists of two reservoirs that lie between 3,250 to 3,500 metres below sea level. The discovery well 34/4-15 S and the down-dip side-track 34/4-15 A proved oil in the Upper Jurassic Intra-Draupne sandstones (Viking group) and the Middle Jurassic Rannoch Formation (Brent group).

The forward appraisal and commercialisation strategy for the Dugong discovery will be based upon a full evaluation of the information collected at both the main bore and side-track well. Dugong is located nearby existing production facilities.

The discovery enhances the prospectivity of the entire PL 882 license, in particular the adjacent Dugong Tail prospect where there is considerable resource upside. Additional prospects and leads have also been identified by the PL882 partnership. Petrolia NOCO also holds 30% shares in two adjacent licenses (PL992 and PL994).

Petrolia NOCO’s Executive Chairman, Robert Arnott, said: “The Dugong discovery is transformational for Petrolia NOCO. Our young team led by Linn Katrine Høie have transformed new exploration ideas into real value and have provided the Company with a real platform for growth going forward”

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

NPD, English

NPD, Norwegian

Neptune