discoveries
summary
Source Energy has participated in 5 exploration wells and four of these have been reported by Norwegian Offshore Directorate (NOD) as discoveries – the Atlantis discovery (PL878), the Oswig East discovery (PL1100), the Eirik discovery (PL817) and the Norma discovery (PL984). Source’s successful exploration drilling has yielded a material development portfolio with favorable ESG characteristics. The majority of the discoveries are gas/condensate discoveries located close to existing infrastructure for production and export.
The first production from Source’s portfolio is expected in 2030 and the cashflow can then be recycled into new exploration activities and developments.
All of Source’s discoveries are operated by experienced operators –OMV (Norge) AS for the Oswig East and Eirik discoveries and DNO Norge AS for the Norma discovery. There are significant appraisal upside and additional exploration prospects within these licenses which will be tested in the coming years.
View a Map of Source’s portfolio here
atlantis
The Atlantis gas/condensate was the first discovery of Source Energy and was discovered in July 2020 by the 30/2-5S well in the PL878 license. The well encountered a gas column of about 160 meters in the Brent Group. Atlantis is a commercial discovery. Norwegian Offshore Directorate (NOD) reports the discovery to contain 10.4 million Sm3 of recoverable oil equivalents (65 MMboe).
The PL878, PL878B and PL878C licenses containing the Atlantis discovery were divested to PGNiG Upstream Norway AS in 2024.
oswig east
The Oswig East gas/condensate discovery in the PL1100 license was discovered in September 2022 by the 30/5-4S well, and subsequently appraised by the sidetrack well 30/5-4A including a successful formation test. The well 30/5-4 S encountered a gas/condensate column of about 100 meters in Middle Jurassic reservoir rocks in the Tarbert Formation (the Brent Group) with poor reservoir quality.
The current resource estimate for the discovery is 6.9 million Sm3 of recoverable oil equivalents. The licensees are currently assessing Oswig East toward further follow-up.
If attractive production rates can be obtained from the tight reservoir, Oswig East can be developed with four gas/condensate producers with hydraulic fracturing and a tie-back to the Oseberg Field. The high reservoir pressure will support the reservoir depletion.
eirik
The Eirik oil discovery in PL817 license was discovered in March 2023 by the 15/2-2S well. The well encountered a 500 meter thick intra-Draupne Formation, consisting of multiple thin reservoir sandstone layers totaling 23 meters with poor reservoir properties. Oil samples were recovered in two sandstone layers.
The preliminary volume estimate was between 1.0 and 5.5 million Sm3 of recoverable oil equivalents due to the limited thickness of the sandstone layers and uncertainty in their extension. The licensees are evaluating the well results to define the volume potential in the different reservoir zones and will assess the discovery alongside other prospects in the production license.
The gas/condensate discovery can be tied back to Gudrun for processing and export if sufficient volumes are justified.
Norma
The Norma gas/condensate discovery in the PL984 license was discovered in September 2023 by the 25/7-11S well. The well encountered a 16-meter gas/condensate column in the Draupne Formation, of which 13 meters were net reservoir with moderate to good reservoir quality. The well was not formation-tested, but extensive data acquisition and sampling were done including collecting several gas/condensate samples and a 33.7 m core.
The preliminary gas/condensate volume estimate was between 2 and 21 million Sm3 of recoverable oil equivalents.
The discovery is considered a play-opener for the deep turbiditic sands in this area given the good reservoir quality encountered. Plans are underway to further delineate the discovery and the upside potential in the license.
Norma is situated in an area with extensive infrastructure in the central part of the North Sea, with tie-back options like Balder and Alvheim offering potential routes to commercialization.
