The objective was to prove petroleum in the Luno prospect in Jurassic reservoir rock. Light oil was proven in a clastic (sandstone) reservoir of this age. The size of the discovery is estimated at between 65 mmboe and 190 mmboe of recoverable oil. The potential reserves estimate only includes reserves in the Jurassic reservoir with additional upside potential from the Triassic reservoir which was penetrated by the well.
The well has not been tested but extensive acquisition of data and samples have taken place. The licencees have decided to temporarily abandon the well with a plan for future testing in conjunction with an appraisal programme.
The well was drilled to a vertical depth of 2,175 metres below the sea surface.
The well 16/1-8 was drilled using the Bredford Dolphin rig. The partners are planning appraisal activities with at least one appraisal well during 2008 to further evaluate the reservoir and its extension and prepare for a plan of development.
President and CEO Ashley Heppenstall commented:" We are very excited to have made an oil discovery with our first operated exploration well in Norway. Our initial analysis is that the field will be commercial and has the potential to be a significant development on the Norwegian Continental Shelf. This discovery will have a major impact upon Lundin Petroleum’s reserve base representing on the mid-case an increase of over one third to our existing reserves."
Lundin Petroleum is the operator of PL 338 with 50 percent interest. Partners are Revus Energy ASA with 30 percent and RWE Dea Norge 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 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: +41 22 595 10 00
Tel: 08-440 54 50