For sale – but still aggressiveViggo Mide Tjensvoll, Manager New Acreage Group, Spirit Energy.

For sale – but still aggressive

During the 1st day of the NCS Exploration Strategy conference 2019, Viggo Mide Tjensvoll, Manager New Acreage Group, presented Spirit Energy’s exploration plan for 2020 for both the NCS & UKCS. Despite still being up for sale, the team is not resting; the work towards growth steadily continues.

Established in 2006, the Spirit team consists of 150 employees and they have 70 licenses on the NCS.
The NCS remains important for Spirit Energy, as half of the company’s production happens here, i.e. 70,000 boe/day.

Part of their exploration strategy is having access to materiality, securing consistent & competitive funding, looking at a wide range of plays, and ensure high quality partnerships and high-quality technical staff.

Tjensvoll showed the audience some examples on how Spirit is finding cross-border synergies. For example, by having PLs along the Rona Ridge, from West of Shetland to Møre, and also by chasing same play over the North Sea on both sides of the border; injectite play on the UKCS (Chestnut field (Operator) and Fotla exploration well with Chevron) also found on the NCS; Lilleprinsen etc.

Also, they benefit from direct learnings from the Paleozoic carbonate plays in the Southern North Sea while exploring the Barents Sea (Fingerdjupet, Loppa).
Spirit has high beliefs in the Barents Sea, and they recently applied for more APA licenses in this area.

Spirit is increasing their presence in deep water areas together with Equinor, targeting Paleogene and Eocene plays.

The company’s annual exploration budget is now of 110 mill, allowing them to explore a variety of challenging plays, including fractured basement and also new emerging plays with Paleozoic carbonates and injectites.
Lower cretaceous has also become more and more important for Spirit, both on the NCS & UKCS.

Tjensvoll concluded his talk by presenting the company’s exploration program for 2020, including an example of a frontier prospect and a near field prospect;

a) PL719 – Sandia prospect (Partners are Lundin & Lukoil): well planned for the summer of 2020, is a potential play opener for the Realgrunnen in the Fingerdjupet sub-basin.
b) PL780 – Sørvesten prospect: an attractive near field opportunity close to Ivar Aasen; rotated fault blocks in a highly prolific area.