February 16, 2024
Near-term exploration
drilling programme
Exploration
Wellesley will drill 3 wells in the next 2 years, targeting an unrisked net resource of 51 mmboe.
Wellesley’s exploration strategy is aligned with the core ESG strategic themes of “Power From Shore Oil” and “Gas to Europe”. Any discoveries in the “Power From Shore Oil” theme will be developed as part of the FANTA area development, together with Wellesley’s Grosbeak, Swisher and Toppand discoveries.
0
wells in 8
years
Wellesley moves quickly, planning and drilling more wells than others to enable commercial success
0%
commercial
success rate
Industry leading success rate, underpinned by integrated geological and seismic models
0
wells planned
in 2023-24
Attractive portfolio of high impact prospects to be drilled in the next two years
Near-term exploration
Harden
- Stratigraphic trap, derisked by Swisher and other area wells
- Upper Jurassic reservoir
- To be developed as part of FANTA area development
- 86% located on PL248C
| Licence | PL 248 C |
|---|---|
| Partners | Equinor 30% (op), Petoro 40%, Wellesley 30% |
| PMean | 49 mmboe recoverable |
| CoS | 29% |
| Drilling | 2023 |
Toppand East
- Low risk appraisal target following Toppand discovery
- Middle Jurassic Brent / Oseberg structural trap
- Charged from Toppand structure
- To be developed as part of FANTA area development
| Licence | PL 248 C |
|---|---|
| Partners | Equinor 30% (op), Wellesley 30%, Petoro 40% |
| PMean | 61 mmboe recoverable |
| CoS | 35% |
| Drilling | 2024 |
Gnomoria
- Proven oil column in Upper Jurassic sandstone
- Potential for improved reservoir quality away from discovery well
- Untested Middle Jurassic Brent & Oseberg prospects beneath discovery
- To be developed as part of FANTA area development
| Licence | PL 1184 S |
|---|---|
| Partners | Wellesley 50% (op), Equinor 50% |
| PMean | 39 mmboe |
| CoS | 38% |
| Drilling | 2024 |
Why Norway
Norway’s rich reserves of hydrocarbons, efficient tax terms, robust infrastructure and leading safety and environmental standards, make it the perfect place to focus Wellesley’s operations.
The country has been an established petroleum province for fifty years and will continue to produce for another fifty. Norway’s pipeline gas provides security of supply to its European markets in a time of increasing demand and geopolitical uncertainty.
Updates
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