North Sea oil firm Longboat Energy (LON: LBE) has kicked off drilling operations offshore Norway.
The Copernicus exploration well is the primary prospect located in license PL1017, which lies on the Utgard High in the Voring Basin.
The Deepsea Yantai rig is being used to spud Copernicus, operated by PGNiG Upstream Norway.
London-listed Longboat has a 10% stake in the prospect, which could hold more than 70 million barrels of oil equivalent (mmboe).
Drilling is expected to take up to eight weeks, and a further announcement will be made once operations have been completed.
Helge Hammer, chief executive of Longboat, commented: “We are pleased to commence the drilling of the second of three fully-funded, gas-focused exploration wells, with the drilling of the Oswig well, the first well in the series, also currently underway.
“Longboat Energy’s exploration programme offers shareholders a unique opportunity to gain gas weighted drilling exposure targeting net mean prospective resource potential of 70 mmboe with an upside case of 142 mmboe.”