The 41/10a-2 is targeting Carboniferous Namurian sandstone and the Haupt and Platten dolomite reservoirs of Permian age. The structure is defined by 3D seismic and is a large 4 way dip closure. The unrisked gross potential is 400 billion cubic feet (bcf) (65 million barrels of oil equivalent (mmboe)).
Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take one month. The Lytham prospect is the first well of a three well back-to-back exploration drilling programme on the UKCS using the same rig.
Lundin Petroleum is the operator with 25 percent interest. Partners are Challenger Minerals (North Sea) Limited and Palace Exploration Company (E&P) Limited with Gulf Shores UK Petroleum Ltd, Eternal Energy Limited, Britcana Energy Ltd and Monarch Energy Limited participating in the well in an earn-in capacity.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at 1 January 2007.
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641