Solid strategic progress for Neptune EnergySource: Neptune Energy

Solid strategic progress for Neptune Energy

The Ministry of Economic Affairs & Climate Policy awarded Neptune Energy Netherlands with the exploration permit for block F5 in the Dutch sector of the North Sea and Q3 results are out.

“The shallow depth and properties of the targeted Tertiary gas reservoirs provide new opportunities for Neptune and are a different exploration play compared to our existing activities in the Carboniferous, Rotliegend and Triassic gas fields. We look forward to working towards the next phase”, Neptune’s managing director for The Netherlands, Lex de Groot said.

The block is located 200 km north of Den Helder and 25 km south-west of the Neptune-operated F3-B platform.

Neptune Energy is continuing its strategic progress, focused on value-accretive growth, increasing long-life and low-cost reserves in key areas, as announced on their Q3 2019 results:

  • Announced agreement to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets from Energean Oil & Gas: portfolio provides further growth with 30 MMboe of 2P reserves, 15,000 boepd of near-term production and additional contingent resources.
  • Important discovery at Echino South in Norway: discovery located close to existing infrastructure, with an estimated 38-100 MMboe of recoverable resources. Potential for fast-track development.

“We made significant strategic progress in 3Q, delivering growth and increasing our long-life, low-cost reserves in key areas. We have a strong project portfolio, set to deliver 110,000 boepd of new production in the coming years”, CEO Jim House said.

A major milestone for Neptune Energy with the spud of the first Duva well in the Norwegian North Sea was overcome.

Duva is Neptune’s first discovery in Norway and holds around 88 million barrels. It will be developed as a subsea tieback to our operated Gjøa platform around 14 km from the field. Production is scheduled to begin in 4Q next year.