Neptune Energy’s Appraisal Well Confirms Significant Discovery at Dugong

Neptune Energy announced an updated volume estimate for its Dugong discovery, located in the Norwegian sector of the North Sea. The adjusted resource range is based on results from the recent successfully completed appraisal well (34/4-16 S). The main objective of the well was achieved by establishing the oil water contact.

Neptune’s revised estimate of the indicative recoverable resources is 40-108 million barrels of oil equivalent (mmboe), which will be subject to further detailed analysis and review. A drill stem test on the well is planned at a later stage.

The discovery will be linked to nearby infrastructure or developed as a stand-alone development. Dugong is located 158 kilometres west of Florø, Norway, at a water depth of 330 metres, and is close to the existing production facilities of the Snorre and Statfjord fields. The reservoir lies at a depth of 3,250-3,500 metres. The primary appraisal target for the well 34/4-16 S was to delineate the discovery made in the Rannoch formation in well 34/4-15 S and 34/4-15 A.

The Dugong licence partners are Neptune Energy (operator and 45%), Petrolia NOCO (20%),  Idemitsu Petroleum Norge (20%) and Concedo (15%).