StockMarketWire.com - Exploration and production company Longboat Energy said it made a 'material discovery' at the Egyptian vulture exploration well in licence PL939.

The exploration well 6407/1-9 in the Norwegian Sea encountered light oil in the primary target in the lower cretaceous intra-lange formation.

The operator's preliminary estimate of recoverable resources in the Egyptian Vulture discovery is 19 to 63 MMboe (gross) and the oil-in-place volume has been estimated at 220 to 440 MMboe (gross), the company said.

'This could significantly increase the resource estimate for this laterally extensive discovery measuring approximately 80 km2 as defined by the seismic amplitude anomaly,' the company said.

The well, operated by Equinor, was drilled ahead of time and budget, and having reached a total vertical depth of 3,936 metres would now be plugged and abandoned as planned.








Story provided by StockMarketWire.com