STOCKHOLM, SWEDEN -- (Marketwired) -- 07/12/13 -- Lundin Petroleum AB (TSX: LUP)(OMX: LUPE) (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that the Johan Sverdrup appraisal well 16/3-6, located in the eastern part of PL501, found an oil column of 11.5 metres in good quality sandstone of Upper Jurassic age. The well is successfully completed.
Appraisal well 16/3-6 is located at the eastern flank of the Johan Sverdrup discovery. It was drilled approximately 5.1 km south-east of the discovery well 16/2-6, approximately 1.9 km north of well 16/3-4 and 3.3 km south-east of well 16/2-13S. The well found a 24 metres gross reservoir section of which 11.5 metres was above the Oil Water Contact (OWC). The reservoir sequence is entirely of late Jurassic age and consists of reservoir sandstone of excellent quality with a high net to gross ratio. The reservoir is resting directly on granitic basement.
The OWC was established at 1,926 metres below mean sea level.
The well was drilled to a total depth of 2,025 metres below mean sea level into granitic basement. A comprehensive coring and logging program has been successfully completed, including a log-inject log wireline run for EOR screening. A pressure gauge was installed in the hole to monitor the reservoir pressure for a period of 2-5 years.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments as follows; "We are very pleased with the latest Johan Sverdrup appraisal well which encountered a good quality reservoir section above and below the Oil Water Contact (OWC). The lower OWC encountered and the thicker Draupne sandstone reservoir are both positive results."
The well was drilled using the semi-submersible drilling rig Bredford Dolphin. The rig will now drill well 16/4-7 located in PL544 also operated by Lundin Norway.
Lundin Norway is the operator in PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).
This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Questions Remain in Jenni Rivera's Death
- Unemployed Wait as Lawmakers Debate
- Harley Issues Motorcycle Recall
- General Dynamics Plans 200 New Jobs in N.M.
- Auto Dealer Builds Big Solar Project
- Entrepreneurs' Next Creation May Be New Laws
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts