OKEA, together with operator Neptune Energy and licence partners, today announce a new discovery in the Calypso exploration well (6407/8-8 S) in PL938 in the Norwegian Sea. OKEA holds a 30% working interest (WI) in the licence.

The well was drilled to a vertical depth of 3,496 metres and encountered an estimated 8 metres thick gas column and 30 metres thick oil column in a 131 metres thick Garn Formation sandstone reservoir, of good to very good quality.

Preliminary estimates of recoverable oil equivalents are between 1 and 3.5 million standard cubic meters (MSm3), corresponding to 6-22 million barrels (boe). Calypso is OKEA’s second discovery from three exploration wells in 2022, following the Hamlet discovery in the Gjøa licence in April.

‘The Calypso discovery shows that there is still potential to discover new resources in this mature area and is a good example of OKEA’s strategy to explore for new resources near our producing assets’, said Andrew McCann, SVP Subsurface in OKEA.

The PL938 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area, including the OKEA-operated Draugen field (OKEA 44.56% WI).

The Calypso discovery is located 14 kilometres north-west of the Draugen field and 22 kilometres north-east of the Njord A platform. Calypso was drilled by Deepsea Yantai, a semi-submersible rig owned by CIMC and operated by Odfjell Drilling.

Neptune Energy Norge AS is operator of PL938 with 30% WI. Other licence partners are Pandion Energy AS (20% WI) and Vår Energi ASA (20% WI).

About OKEA

OKEA ASA (OSE: OKEA) is a leading mid- to late-life operator on the Norwegian continental shelf (NCS). OKEA finds value where others divest and has an ambitious strategy built on growth, value creation and capital discipline. OKEA is listed on the Oslo Stock Exchange (OSE:OKEA).

About Neptune Energy Norge AS

Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field in the North Sea. It recently opened up two new subsea fields, Duva and Gjøa P1, tied back to the Gjøa platform. Neptune is the operator of the development project Fenja in the Norwegian Sea, and is partner in several producing fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in a total of 81 licences. For the full year 2021, Neptune produced 46 kboepd in Norway.