Oil and gas company Wintershall Dea has found no hydrocarbons in the Brage South exploration well located in the North Sea off Norway.

The well, 31/4-A-13 C, was drilled in the PL055 licence and it will now be plugged as a dry well. This was shared by Wintershall Dea’s partner, OKEA, in a statement on Wednesday.

On 23 May 2022, OKEA announced that it has entered into an agreement to acquire a material portfolio of assets from Wintershall Dea Norge, including a 35.2 per cent operated working interest in the Brage field (PL055). Brage South is one of many upside opportunities identified at Brage.

OKEA now underlined that the result of this exploration well does not change its valuation of the transaction nor the view of Brage as a good opportunity for the company in line with its strategy and with substantial remaining upside potential.

It is worth mentioning that, only days after this deal was announced, Wintershall Dea received a drilling permit for this well from Norway’s authorities..

The 31/4-A-13 C Brage South well was drilled from the Brage platform. Partners include Wintershall Dea Norge (operator and 35.2 per cent), Lime Petroleum (33.8434 per cent), DNO Norge (14.2567 per cent), Vår Energi (12.2575 per cent), and M Vest Energy (4.4424 per cent).

In the transaction with Wintershall Dea, OKEA will acquire 35.2 per cent operated WI in the Brage Unit, 6.4615 per cent WI in the Ivar Aasen Unit and 6 per cent WI in the Nova field with an effective date of 1 January 2022. The transaction is conditional upon Norwegian governmental approval and is expected to be completed in 4Q 2022.