Neptune Energy Confirms Oil And Gas Discovery At Hamlet

Neptune Energy and its partners today announced the discovery of oil and gas at the Hamlet exploration wells (PL153) in the Norwegian sector of the North Sea.

In-place^* volumes discovered in the Hamlet structure are estimated to be in the range of 5-11 million standard cubic metres (MSm3) or 30-70 million barrels of oil equivalent (mmboe). Work is continuing to confirm potential recoverable resources, but Neptune’s preliminary estimate is 8-24 mmboe.

Located 58 kilometres west of Florø, Norway, at a water depth of 358 metres, Hamlet will be considered as a tie-back to the Neptune-op$erated Gjøa semi-submersible platform.

Hamlet is a new discovery in the Gjøa area, where Neptune already operates two fields. The Wintershall Dea-operated fields Vega and Nova are also tied back to the Gjøa platform.

Neptune Energy’s Managing Director for Norway and the UK, Odin Estensen, said: “This discovery is in line with Neptune’s strategy to focus on exploration around existing hubs, enabling us to fast-track development, and to keep costs down and carbon emissions low. A potential field development would build on our experiences from recent successful developments of the Duva field and Gjøa P1 segment.”

The drilling program comprised a main-bore (35/9-16S) with a side-track (35/9-16A). Both wells found hydrocarbons, and the sidetrack confirmed an oil/water contact at 2662 metres total vertical depth. Neptune and its partners have initiated studies to consider development options for the discovery.

Neptune Energy’s Director of Exploration & Development in Norway, Steinar Meland, added: “The Hamlet exploration well confirms the extended potential of the Agat play, previously only developed and produced in the Neptune-operated Duva Field. Neptune plans to drill a further exploration well, the Ofelia prospect, in the same play later this year.”

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

Hamlet-partners: Neptune Energy (operator and 30%), Petoro (30%), Wintershall Dea (28%), OKEA (12%).

Notes to editors
^* “In-place" refers to the total volume of hydrocarbons calculated to be present, while "recoverable" refers to the estimated volume that can be produced.

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 information, visit www.neptuneenergy.com