Neptune Energy Won the Exploration Innovation Prize

29. May. 2018

Neptune Energy's Cara-discovery (PL636) in the North Sea won the Exploration Innovation Prize 2018 at this year's Recent Discoveries Conference held last week in Oslo

Cara is now being matured as a "fast track" project. Concept selection is scheduled for end of this year with an investment targeted by first half 2019.

The geologists Jan Åge Greger and Tina Rasmussen, Neptune Energy, did a great job securing the prize; the jury decision was unanimous, based on the on-site presentation of the candidates.

The Geological Society of Norway and Geo Publishing awarded the prize during the NCS Exploration - Recent Discoveries 2018 conference in Oslo. Out of ten nominees, a public voting selected three finalists. The three finalists were Cara, Kayak, and Zumba.

The jury's criteria for winning the price is first and foremost to be "a licence group, company, team or person who during the last years have given a courageous and innovative contribution in exploration for oil and gas on the Norwegian continental shelf".

Head of Exploration in Neptune Energy, Raphaël Fillon, said: "With this prize, our peers in the industry have recognize the quality of our performance. The prize shows that Neptune Energy definitely has the competence, the focus and the mind-set needed to create value through exploration on the Norwegian Continental Shelf, and in this particular case in one of our core areas."

Cara is one of the largest discoveries on the Norwegian Continental Shelf since 2016, according to the the Norwegian Petroleum Directorate. 

Committed team work.

The objective of the Cara-well was to prove petroleum in a stratigraphic trap in Early Cretaceous Agat formation. Norsk Hydro drilled well 36/7-3 in 2002; reported dry. In 2013-2014 Neptune Energy identified and matured Cara to a drillable prospect integrating all available data and knowledge. The Cara well, 36/7-4, was drilled summer 2016, proving oil and gas likely to be commercial.

"The Cara discovery well is most likely a play opener as it has proven that Cretaceous sandstones can make up commercial targets. Our understanding of the Cretaceous play has significantly progressed thanks to hard work from the Exploration Team, and we are optimistic about the exploration potential of our portfolio in this area," said Matthieu Vialla, Exploration Manager Northern Europe.

Situated in core area

The discovery is located 6 kilometres northeast of the Gjøa field, operated by Neptune Energy, and confirms the company's view that even mature areas of the Norwegian Continental Shelf have an interesting exploration potential. Further intensive exploration program is launched in PL636 and in surrounding operating blocks as PL929 recently acquired by Neptune at APA 2017.

Cara is now being matured as a "fast track" project. Concept selection is scheduled for end of this year with an investment targeted by first half 2019.

License partners in PL 636: Neptune Energy (30% and operator), Idemitsu Petroleum Norge AS (30%), Pandion Energy AS (20%) and Wellesley Petroleum AS (20%).

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