Longboat Energy (LON: LBE) and Var Energi have announced a discovery at the Rodhette gas exploration well.
The well, drilled 18miles north of the Eni-operated Goliat field in the Barents Sea, encountered a 29-metre hydrocarbon column.
Longboat Energy farmed-in to 20% of the prospect, operated by Var, earlier this year, marking its first exploration well.
An 18-metre gas column has been identified in the well after data acquisition.
Pre-drill estimates place the size of the discovery between nine and 12 million barrels of oil equivalent (gorss), coming in at the lower-end of expectations.
Longboat said existing discoveries and infrastructure in the region will be assessed for commercial development potential.
Meanwhile drilling has started at the Mugnetind exploration well, 20% owned by Longboat, in the Norwegian North Sea using the Maersk Innovator jack-up rig.
The AkerBP-owned prospect has estimated prospective resources of 24million boe, with potential further upside of 47million boe.
Longboat chief executive Helge Hammer said: ” We are pleased to have made a hydrocarbon discovery with our first exploration well following our transformative acquisitions made this summer.
“We look forward to working together with the operator to use the data collected to assess the development potential for Rødhette alongside existing discoveries and further exploration potential in the area.
“We are in a very busy period of drilling with Egyptian Vulture and Mugnetind exploration wells now both underway with the potential to create significant shareholder value.”
Longboat was formed in 2019 by the management team of Faroe Petroleum, an Aberdeen-based business which fell to a hostile takeover by Norwegian company DNO earlier that year.