Neptune Energy announced drilling has commenced on the Ofelia appraisal well in the Norwegian sector of the North Sea.

The Ofelia discovery (PL 929) was made in August 2022 and is located approximately 14 kilometres north of the Neptune-operated Gjøa field.

Preliminary estimates of recoverable volume are in the range of 2.5-6.2 million standard cubic metres (MSm3) or 16-39 million barrels of oil equivalents (mmboe). The new well aims to appraise and fully evaluate the hydrocarbon discovery in the Ofelia Agat formation. A secondary target is to evaluate an upside of gas charged reservoir in the shallower Kyrre Formation.

Neptune Energy’s Director of Subsurface in Norway, Steinar Meland, said: “The Ofelia discovery fits our strategy of focusing on opportunities within core areas near existing infrastructure.

“The Ofelia discovery could be tied back to the Neptune-operated Gjøa platform and produce at less than half the average carbon intensity of Norwegian Continental Shelf fields (1).”

The main reservoir target is the Lower Cretaceous Agat Formation and is expected to be reached at a depth of approximately 2,530 metres.

The well, 35/6-4 S, is being 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%), Pandion Energy (20%), Aker BP (10%), 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 three producing fields: Gjøa and Duva the North Sea, and Fenja in the Norwegian Sea. It is also a partner in several fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in over 80 licences. For the full year 2022, Neptune produced 58 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 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 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.