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Longboat Energy PLC - exploration and production company focused on the North Sea - Commences drilling operating on the Oswig exploration well in Norway.
Well, in which Longboat holds a 20% interest, is targeting the Tarbert and Ness formations, which are estimated to contain combined gross unrisked mean resources of 93 million barrels of oil equivalent.
The well is expected to take several weeks to drill.
We are pleased to commence drilling of the first of three fully-funded, gas-focused exploration wells, with Copernicus - the second well in the series - also anticipated 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,’ said Chief Executive Helge Hammer.
Current stock price: 36.19 pence
12-month change: down 48%
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