Neptune Energy announced a discovery has been made at the Schwegenheim exploration well in the Rhine Valley, Germany, following detailed analysis.

Drilling operations to a depth of 2,600 metres were carried out between September and November 2019, with two layers found to be oil bearing. The well has now been safely suspended until further notice.

Neptune Energy’s managing director for Germany, Andreas Scheck, said: “The Bunter Sandstone reservoir, as an equivalent to the nearby Römerberg structure, was dry but two secondary target upper layers showed oil indications.

“During production tests, we have already transported 1,500 bbl of crude oil to the refinery in Karlsruhe. While initial results have been positive, further assessment is required before it can be determined that oil can be produced economically from this structure in the long term.”

Neptune will now apply to the responsible mining authority in the state of Rhineland-Palatinate for the necessary permits for further production measures in Schwegenheim.

Licence partners: Neptune Energy (operator and 50%, Palatina GeoCon (licence owner and 50%)

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. The business had production of 162,000 net barrels of oil equivalent per day in 2018 and 2P reserves at 31st December 2018 of 638 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.