The results from the Ofelia appraisal well in PL 929 was announced today confirming volumes within the expected range of recoverable reserves. In addition, a new gas discovery was made in the Kyrre formation. PL 929 is located close to the Gjøa field in the Norwegian sector of the North Sea. Pandion Energy holds a 20 per cent participating interest in the license.

The Ofelia appraisal well, 35/6-4 S, in the Agat formation has been completed. The estimated recoverable volume is in the range of 16-33 million barrels of oil equivalent (mmboe).

In addition to the appraisal well for Ofelia, a side-track was drilled into the overlying Kyrre formation, resulting in a new gas discovery. Estimated recoverable resources are between 11-19 mmboe of gas, bringing the total recoverable volume from both discoveries to approximately 27-52 mmboe.

CEO of Pandion Energy, Jan Christian Ellefsen, said:

“Located in a core area for Pandion Energy, the size and quality of the Ofelia and Kyrre discoveries are highly encouraging. Given the proximity to Gjøa and the operator’s development track record, we are confident this will turn into another fast track, cost-effective and low carbon development.”

Ofelia and Kyrre are located 23 kilometres north of the Neptune-operated Gjøa platform and will be considered for development as tie-backs to Gjøa. The Gjøa platform is electrified with power from shore and produces at less than half the average carbon intensity of Norwegian Continental Shelf fields.1

Bente Flakstad Vold, VP Exploration & Appraisal in Pandion Energy, added:

“The successful Ofelia appraisal and the new gas discovery are the result of a focused exploration effort in the Greater Gjøa Area since we took part in the discovery of Duva in 2016.

We now look forward to applying the learnings from this well on our extensive exploration portfolio in the surrounding area. The appraisal well proved very good reservoir properties in an additional fairway in the Agat Formation, boosting our expectations of the Agat reservoir in the Horatio wildcat well to be drilled in PL 1109.”

 

Partners: Neptune Energy (operator, 40%), Wintershall Dea (20%), Pandion Energy (20%), Aker BP (10%), and DNO (10%)

For further information see press release from the operator Neptune Energy (Neptune Energy announces Kyrre discovery & confirmed Ofelia volumes in Gjøa area | Neptune Energy).

 

Notes to editors:

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).