As there is a strong European energy demand and need for replacement of hydrocarbon resources, the Norwegian continental shelf (NCS) is uniquely positioned with a well-developed infrastructure. Source Energy AS believes this is the ideal time to identify and test new attractive exploration prospects in mature areas.

The North Sea has strong underlying fundamentals for exploring proven hydrocarbon basins near existing infrastructure. Despite the North Sea being the most explored region on the NCS, it still carries significant undiscovered resources with low commercial thresholds.

The strategy is to build and maintain a high-value gas-focused exploration, appraisal and discovery portfolio with prospects leading to commercial discoveries of gas and oil within a five-year horizon. Our strategy plan is to grow fast, driven by commercialization and optimal return on invested capital.

Source Energy will deliver a platform for growth within development and production. This will be done on an established, concept-driven exploration methodology tightly integrated with asset and portfolio management.

We have selected to explore in three prolific core areas, namely the Horda area, the South Viking Graben and the Central Graben in the Norwegian North Sea. The objective is to secure follow-up potential and to de-risk drilling opportunities near existing infrastructure to shorten lead times to commerciality. The aim is to participate in two to four wells per year.