Kveikje Discovery Charges Up DNO in Core Area

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Kveikje Discovery Charges Up DNO in Core Area

StreetInsider2022-04-11

Oslo, 11 April 2022 – DNO ASA, the Norwegian oil and gas operator, today confirmed an oil and gas discovery on the Kveikje prospect in the Norwegian North Sea license PL293B in which the Company holds...

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Jchptan
·2022-04-11
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Preliminary estimates of gross recoverable resources are in the range of 25-50 million barrels of oil equivalent, well above pre-drill estimates. In the primary exploration target, the well encountered a 23-meter oil column of which 19 meters were in Eocene sandstones of excellent reservoir quality. Also in Eocene sandstones, the well encountered a three-meter gas column. In addition, small amounts of hydrocarbons were discovered in two other formations, one in Eocene and one in Upper Cretaceous. The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS include Equinor Energy AS as operator with 51 percent, INPEX Idemitsu Norge AS with 10 percent and Longboat Energy Norge AS with 10 percent, consider the discovery to be commercial. The Kveikje discovery strengthens the Company’s position in a core North Sea area near the giant Troll field and is a play-opener which de-risks prospects in nearby DNO licenses. In the same core area, on the back the 2021 Røver Nord discovery (DNO 20 percent), the Company will drill the Røver Sør exploration well, de-risked by Røver Nord in the same license, later this year. With this first discovery under its belt, in addition to Røver Sør, DNO has another five exploration wells scheduled in the North Sea this year including the highly anticipated Edinburgh prospect straddling the Norway-United Kingdom border (DNO 45 percent) currently drilling. 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