The exploration well, with a vertical depth of 2,100 meters, is targeting the upper Carboniferous reservoir.The Vaxy prospect has unrisked gross prospective recoverable gas resources of about a half trillion cubic feet (approximately 90 million barrels of oil equivalent).
Lundin Petroleum has signed a farm-out agreement with GDF SUEZ where Lundin Petroleum will transfer a 50 percent interest of the Pays du Saulnois licence to GDF SUEZ. Lundin Petroleum will retain the remaining 50 percent and operatorship. The agreement is subject to governmental approval.
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 184,2 million barrels of oil equivalent (MMboe) as at 1 January 2008.
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
LUNDIN PETROLEUM SPUDS EXPLORATION WELL IN PAYS DU SAULNOIS IN FRANCE
Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that the exploration well Vaxy-1 in Pays du Saulnois in the east region of France, has spudded.
| Source: Orrön Energy AB