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Longboat Energy PLC - exploration and production company focused on the North Sea - Signs rig contract for the drilling of the Velocette exploration well in the Norwegian Sea, which the company holds a 20% interest in. Says drilling is expected to start in the third quarter next year. Says Velocette, a gas-condensate prospect targeting Cretaceous Nise turbidite sands on the eastern flank of the Utgard High in the Norwegian Sea, benefits from ‘seismic amplitude anomalies indicative of gas-filled sands’.
Chief Executive Officer Helge Hammer says: ‘I am pleased that we have now secured a rig for the Velocette prospect which will be the ninth well in our programme. We are currently drilling the Oswig well and both the Velocette and Oswig prospects have significant follow-on potential that will be derisked by the exploration wells in a success case.’
Last month, Longboat started to drill on the Oswig exploration well in Norway.
Current stock price: 42.48 pence, up 1.1%
12-month change: down 46%
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