Neptune Energy Confirms New Discovery In The Gjøa Area

Neptune Energy and its partners today announced a new commercial discovery at the Ofelia exploration well (PL 929), close to the Gjøa field in the Norwegian sector of the North Sea.

Neptune has completed drilling of the Ofelia well, 35/6-3 S, and encountered oil in the Agat formation.

The preliminary estimate of recoverable volume is in the range of 2.5-6.2 million standard cubic meters (MSm3) or 16-39 million barrels of oil equivalent (mmboe). In addition to the Agat volumes, north of the well there is an upside of around 10 mmboe recoverable gas in the shallower Kyrre formation, which brings the total recoverable volume to approximately 26-49 mmboe.

Located 15 kilometres north of the operated Gjøa platform, at a water depth of 344 metres, Ofelia will be considered for development as a tie-back to Gjøa, in parallel with the company’s recent oil and gas discovery at Hamlet. The platform is electrified with power from shore and produces at less than half the average carbon intensity of Norwegian Continental Shelf fields¹.

Neptune Energy’s Managing Director for Norway and the UK, Odin Estensen, said: “I am pleased to announce our second discovery in four months which further enhances Neptune’s position in the Greater Gjøa Area.

“Gjøa is an important growth area for Neptune in Norway, where existing infrastructure allows for low cost and low carbon developments.”

The Ofelia drilling program confirmed an oil/water contact at 2,639 metres total vertical depth.

It is the third discovery by Neptune Energy in the Agat formation, a reservoir which until recently was not part of established exploration models on the Norwegian Shelf. The first was at the Duva field, which is now onstream and being operated by Neptune. The second was the company’s discovery at Hamlet, with estimated recoverable volumes between 8-24 mmboe. Together these discoveries contribute to the opening of a new geological play in Norway and can add additional new volumes to the Neptune operated Gjøa facilities.

Neptune Energy’s Director of Exploration & Development in Norway, Steinar Meland, added: “The Ofelia discovery underlines the strength of our exploration strategy and confirms the high prospectivity potential of the area around Gjøa, where we have several more exciting exploration opportunities.”

Ofelia was drilled by the Deepsea Yantai, a semi-submersible rig, owned by CIMC and operated by Odfjell Drilling.

Partners: Neptune Energy (Operator, 40%), Wintershall Dea (20%), Aker BP ASA (previously Lundin Energy) (10%), Pandion Energy (20%) and DNO (10%).

¹ CO2 emissions from Gjøa are estimated at 3kg of CO2 per boe (EnvironmentHub (EEH); CO2 emissions and Diskos; Gross production incl. tie-ins, 2020), average on the Norwegian Continental Shelf is 8 kg CO2/barrel (NOROG Miljørapport 2020).

About Neptune Energy Norge AS
Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field in the North Sea. It recently opened up two new subsea fields, Duva and Gjøa P1, tied back to the Gjøa platform. Neptune is the operator of the development project Fenja in the Norwegian Sea, and is partner in several producing fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in a total of 81 licences. For the full year 2021, Neptune produced 46 kboepd in Norway.

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves at 31st December 2021 of 604 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030.
The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

For more informatio, visit www.neptuneenergy.com