DNO Appraisal Well Delineates Carmen Discovery, Estimates 21–107 Million Barrels Recoverable

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3▲4 ▼0Impact / 5
Summary · why it matters

DNO ASA announced that an appraisal well has further delineated the 2023 Carmen gas-condensate discovery in Norwegian North Sea license PL1148, with recoverable resources now estimated at 21–107 million barrels of oil equivalent. The bulk of recoverable volumes was encountered in the Etive Formation, where reservoir quality ranges from moderate to poor, and the partnership will evaluate hydraulic fracturing to enhance recovery. Further appraisal and exploration drilling is being considered, including targets in the north of the laterally extensive Carmen structure. The license partnership consists of DNO Norge AS at 30 percent, operator Wellesley Petroleum AS at 30 percent, Equinor Energy AS at 30 percent, and Aker BP ASA at 10 percent, and will assess development as a tie-back to existing infrastructure such as the Kvitebjørn platform 35 kilometers to the west, in which DNO holds a 19 percent interest.

Impact on assets 4

Energy▲
Dno ASA
0MHP
▲ PositiveSupplyrelevance

DNO's appraisal well delineates the Carmen discovery, increasing estimated recoverable resources to 21-107 million boe, and DNO holds 30% stake plus 19% in nearby infrastructure.

Equinor ASA ADR
EQNR
▲ PositiveSupplyrelevance

Equinor holds 30% in the PL1148 partnership that delineated the Carmen discovery with 21–107 million boe recoverable.

Aker BP ASA
0M5J
▲ PositiveSupplyrelevance

Aker BP holds 10% stake in the Carmen discovery, which adds potential recoverable resources.

Others▲
⛏Brent Crude Oil Futures
BRENT
▲ PositiveSupplyrelevance

New recoverable resources of 21-107 million boe in Norwegian North Sea, potentially adding to future oil supply, but moderate to poor reservoir quality and need for hydraulic fracturing limit near-term impact.

Off-coverage companies 1

Wellesley Petroleum ASi
Private▲ PositiveSupplyrelevance

Wellesley Petroleum, as operator with 30% stake, benefits from successful appraisal and potential development of the Carmen discovery.