Neptune Energy will start drilling the Dugong well, located in the North Sea offshore Norway, by 19 June 2020.
The Dugong well is located in licence PL882, which is operated by Neptune Energy with a 40 per cent interest with Petrolia NOCO, Concedo, and Idemitsu Petroleum each holding a 20 per cent interest.
Petrolia NOCO said on Wednesday that the Dugong well would be spud by 19 June and a contingent sidetrack might be drilled to delineate the extent of the discovery.
Dugong is located west of the Snorre field in the Northern North Sea.
The well is the first operated exploration well to be drilled by Neptune in the northern North Sea since the Duva discovery in 2016.
Petrolia NOCO estimates that the Dugong prospect contains prospective recoverable resources of 86 mmboe.
The company also has interests in two adjacent licences – PL992 and PL994 – which have interesting prospectively.
Neptune has previously secured a drilling permit to drill two wildcat wells at the Dugong prospect- 34/4-15 S and 34/4-15 A.
Before that, Neptune has gained a safety consent to use the Deepsea Yantai drilling rig for the North Sea wells.
The semi-sub is expected to work on the two Dugong wells between 44 and 90 days.
Petrolia NOCO’s Managing Director, Linn Katrine Høie , said: “In the event of success, the well will be transformative for the company and add significant value for shareholders and other stakeholders”.
In a separate statement on Thursday, Neptune said that drilling had started on the Dugong exploration well.
Neptune’s Director of Exploration & Development in Norway, Steinar Meland , said: “A discovery in Dugong could open up new and exciting opportunities in surrounding licences, making it an important well in establishing a new core area for Neptune in Norway”.