The Dugong appraisal well in Production Licence 882 located in the Norwegian North Sea is currently being drilled by Neptune Energy.
The Dugong well is being drilled together with Dugong licence partners using the CIMC-owned Deepsea Yantai semi-submersible rig.
Neptune Energy estimates that the Dugong discovery holds recoverable resources between 40 million barrels of oil equivalent (MMboe) and 120MMboe.
Neptune Energy Norway managing director Odin Estensen said: “This exciting new discovery is located close to existing infrastructure and has the potential to become a new core growth area for Neptune in Norway.
“The ongoing activity underlines our commitment to investing in the region and to growing our presence in Norway.”
Neptune owns a 45% stake in the Dugong licence, which is located 158km west of Florø, Norway, at a water depth of 330m.
The other partners in the licence are Petrolia NOCO (20%), Concedo (15%) and Idemitsu Petroleum Norge (20%).
Neptune Energy Norway subsurface director Steinar Meland said: “The main objective of the appraisal well is to collect the data necessary to help provide certainty related to the reservoir, structure and recoverable resources, so the partnership can optimise the development solution.