Neptune Energy, together with operator Equinor, has made another discovery with the Sigrun East exploration well 15/3-12S & 15/3-12A in PL025/187, near the producing Gudrun field in the North Sea.

Recoverable resources are estimated at 1.0 – 2.7 million standard cubic metres of oil equivalent, or to 7 – 17 million barrels of oil equivalent.

Neptune Energy’s Director of Exploration & Development in Norway, Steinar Meland, said: “We are very pleased to be part of the Sigrun East discovery together with operator Equinor. This is our second exploration discovery together on the Norwegian Continental Shelf (NCS) within a few months, following the Echino South announcement in November last year. This latest discovery will add valuable resources to the Sigrun development, which is located in one of our core areas on the NCS. The Sigrun East wells demonstrate how important exploration is to our company’s growth strategy in Norway. Within a short time, Neptune will have two drilling rigs on contract as operator of six explorations wells to be drilled on the NCS within the next two years.”

The wells are located in block 15/3 approximately 11 km south east of the Gudrun field (PL025) and 4 km southeast of the Sigrun (15/3-4) oil and gas discovery. The Sigrun East discovery will add valuable resources to the Sigrun discovery (1982) in addition to the positive appraisal well (2018) and will now be studied for a potential subsea tie-in development to the Gudrun platform. Neptune Energy has a 25% share in both Sigrun and Gudrun.

The Sigrun East wells were drilled by Equinor Energy AS (75%) and Neptune Energy Norge AS (25%). The partnership of PL025/PL187 consists of Equinor Energy AS (36%, operator), Neptune Energy Norge AS (25%), OMV Norge AS (24%) and Repsol Norge AS (15%).

The wells were drilled by the drilling rig West Phoenix, which will now move on to drill exploration well Grind (6507 / 8-10 S) in production license 889 in the Norwegian Sea, operated by Neptune Energy.

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.

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.