Lundin Petroleum Completes Exploration Well in Northern North Sea

Sweden’s Lundin Petroleum , through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), has completed the drilling of exploration well 6201/11-3 in PL519.

The well targeted the Albert prospect, which is situated 65 km north west of the Snorre Field in the northern North Sea, offshore Norway.

The main objective of well 6201/11-3 was to test Cretaceous and Triassic age sandstones of a multiple target structure.

The well encountered oil in thin Cretaceous reservoir sequence at the predicted level for the primary target. The thin thickness and uncertain distribution of the reservoir do not give a basis for resource estimation at this stage. Further geophysical and geological studies are required to clarify the potential in the discovery. The Triassic secondary reservoir was tight without movable hydrocarbons.

A minor column of movable hydrocarbons were also encountered in a Palaeocene secondary target.

The semi-submersible drilling rig Bredford Dolphin drilled the well to a total depth of 2,975 metres below mean sea level and in a water depth of 382 metres.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments;

“The existence of oil bearing Cretaceous reservoir in the Albert well is encouraging. In the event we can find thicker Cretaceous reservoir sections over this large structure there remains potential for commercial discoveries in this area.”

The rig will next be utilized by Wintershall for one well before it returns to Lundin Petroleum to drill an appraisal well on Lundin Petroleum’s discovery Johan Sverdrup in PL501. Lundin Petroleum is the operator of PL519 with 40 percent interest. Partners are Bayerngas Norge AS, Norwegian Energy Company ASA and Spring Energy with 20 percent interest each.

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Press Release, October 11, 2012