Brage Well Comes Up Dry

Brage Well Comes Up Dry
Wintershall Dea has today confirmed that no hydrocarbons were found in the Brage South exploration well offshore Norway.

Oil and gas company Wintershall Dea has today confirmed that no hydrocarbons were found in the Brage South exploration well offshore Norway.

Wintershall Dea said that the well, designated 31/4-A-13 C, was drilled in the PL055 license and that the well would be plugged as a dry well.

On 23 May 2022, OKEA announced that it has entered into an agreement to acquire a material portfolio of assets from Wintershall Dea Norge AS, including a 35.2 percent operated working interest in the Brage field. At the time, Brage South is one of many upside opportunities identified at Brage.

The result of this exploration well does not change OKEA’s valuation of the transaction nor the view of Brage as a good opportunity for OKEA in line with our strategy and with substantial remaining upside potential.

The 31/4-A-13 C Brage South well was drilled from the Brage platform. Wintershall Dea Norge is the operator and holds a 35.2 percent stake. The partners are Lime Petroleum, DNO Norge, Vår Energi, and M Vest Energi with 33.8434, 14.2567, 12.2575, and 4.4424 percent stakes, respectively.

In the transaction with Wintershall Dea, OKEA will acquire 35.2 percent operated working interest in the Brage unit, 6.4615 percent working interest in the Ivar Aasen Unit, and 6 percent working interest in the Nova field with an effective date of January 1, 2022.

The transaction is conditional upon Norwegian governmental approval and is expected to be completed in the fourth quarter of 2022.

To contact the author, email username.eldina@gmail.com



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