Neptune Energy and its licence partners today announced a new discovery at the Calypso exploration well (PL938) in the Norwegian Sea.

Preliminary estimates are between 1 - 3.5 million standard cubic meters (MSm3) of recoverable oil equivalents, corresponding to 6-22 million barrels of oil equivalent (boe).

Calypso is Neptune Energy’s third discovery in six months on the Norwegian Continental Shelf.

Managing Director for Neptune Energy in Norway and the UK, Odin Estensen, said: “We actively explore in areas close to existing infrastructure. These near-field discoveries allow for low cost and low carbon developments.

“Initial analysis of Calypso indicates commercial potential. Together with our partners in the Calypso licence we will now study options to effectively develop the discovery using nearby infrastructure.”

The Calypso discovery is located within one of Neptune’s core areas, 14 kilometres north-west of the Draugen field and 22 kilometres north-east of the Njord A platform.

Well 6407/8-8S was drilled to a vertical depth of 3,496 metres and encountered an estimated 8 metre thick gas column and 30-metre thick oil column in a 131 metre thick Garn Formation sandstone reservoir, of good to very good quality.

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

Partners: Neptune Energy (operator, 30%), OKEA ASA (30%), Pandion Energy AS (20%) and Vår Energi ASA (20%)

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.