News
OIL DISCOVERY IN THE OTHELLO PROSPECT IN PL1086
02.12.2024
Source Energy AS and its partners have made an oil discovery in the Othello prospect in Production License 1086 (PL1086) through drilling of the exploration well 2/6-7 S and the sidetrack well 2/6-7 A. Source Energy has a 10% share in this license. This is the 5th discovery out of the 6 wells Source Energy has participated in.
The 2/6-7 S well encountered an oil column in the Paleocene Borr Member sandstone, totaling 16 meters with good reservoir quality. No oil/water contact was encountered. The discovery was followed-up by a side-track well (2/6-7 A) penetrating a thicker reservoir sandstone.
The preliminary oil volume estimate of the discovery is 4-9 million standard cubic meters of oil equivalents, which corresponds to 25-57 million barrels of oil equivalents.
The Othello Discovery is a very interesting oil accumulation with a large upside potential in the under-explored Southern North Sea. The licensees will assess the discovery along with other discoveries and prospects in the vicinity, with a view towards potential future near-term development.
Read more about the discovery here
Source Energy divest the Atlantis field to PGNiG Upstream Norway
24.06.2024
Source Energy AS is pleased to announce that the company has successfully entered into an agreement to sell its 20% share in licenses PL878, PL878 B and PL 878 C containing the Atlantis discovery to PGNiG Upstream Norway AS.
The transaction is structured as an asset sale with effective date 1 January 2024. Source was advised by Jefferies International Limited.
This confirms the company´s established, concept-driven exploration methodology, focusing on high-value, gas plays in the Norwegian North Sea. The company will continue forward seeking further growth, driven by commercialization of its remaining portfolio and focusing on the optimal return on invested capital.
The divestment of Atlantis is subject to an approval of the Norwegian Ministry of Energy.
GAS and CONDENSATE DISCOVERY IN PL984
19.09.2023
Source Energy AS and its partners have made a gas and condensate discovery in the Norma prospect near the Balder Field in Production License 984 (PL984) through drilling of the exploration well 25/7-11S and the technical sidetrack well 25/7-11ST2. Source Energy has a 20% share in this license.
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 preliminary gas/condensate volume estimate is between 2 and 21 million Sm3 of recoverable oil equivalents. The licensees currently assess the discovery with a view toward further follow-up.
Read more about the discovery here
OIL CONDENSATE DISCOVERY IN PL817
20.04.2023
Source Energy AS and its partners have finalised the drilling of wildcat well 15/2-2 S Eirik near the Gudrun Field in Production License 817 (PL817). Source Energy has a 20% share in this license.
The well is classified as an oil discovery by the Norwegian Petroleum Directorate. Several thin sandstone layers were discovered (in total 23 meters) with poor reservoir quality. The recoverable resources were preliminary estimated to 1-6 million Sm3 oil equivalents (6-38 million barrels), but further work is required to determine the way forward.
Read more about the discovery here
APA 2022
10.01.2023
Source Energy has been awarded one new license in connection with APA 2022. The awarded license is:
PL1100C – 20% Interest
Please follow the links to the NOD fact pages to learn more about the license.
GAS/CONDENSATE DISCOVERY IN PL1100
04.11.2022
Source Energy AS and its partners have made a gas/condensate discovery in the Oswig East prospect near the Oseberg Field in Production License 1100 (PL1100) through drilling of the exploration well 30/5-4 S and the sidetrack well 30/5-4 A. A successful formation test was performed in the sidetrack well. Source Energy has a 20% share in this license.
The wells 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. Preliminary volume estimate of the discovery is between 1.5 and 6.5 million Sm3 of recoverable oil equivalents. The licensees currently assess the discovery with a view toward further follow-up.
Read more about the discovery here
DRY WELL WITH TRACES OF PETROLEUM IN ALL EXPLORATION TARGETS IN pl1104
13.09.2022
Source Energy AS and its partners in production license 1104 (PL1104) have concluded the drilling of wildcat well 30/3-11 S Poseidon near the Oseberg Øst field. Source Energy has a 20% share in this license.
The well encountered about 120 metres of sandstone with poor reservoir quality in the Tarbert, Ness and Etive formations and about 75 metres of sandstone in the Oseberg Formation. The well is reported as a dry well with traces of petroleum in all exploration targets. The licensees will assess the license with a view toward further follow-up.
Read more about the operations here
GAS AND CONDENSATE DISCOVERY IN PL878
08.07.2020
Equinor and its partners have made a gas and condensate discovery near the Kvitebjørn Field in Production License 878 (PL878) through drilling of the exploration well 30/2-5 S Atlantis. Source Energy has a 20% share in this license.
Read more about the discovery here
SOURCE ENERGY PREQUALIFIED ON THE NCS
02.03.2019
The Norwegian Ministry of Oil and Energy has approved Source Energy AS as a licensee on the Norwegian Continental Shelf.
