Stockholm, 2015-08-05 07:58 CEST (GLOBE NEWSWIRE) --
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling and logging of appraisal well 16/1-23 S on the Edvard Grieg field in the Norwegian North Sea.
The well was located in PL338 and was drilled approximately 2.4 km southeast of the Edvard Grieg platform location.
The objectives of the well were to further delineate the southeastern part of the Edvard Grieg field southwestwardly from last year’s successful appraisal well 16/1-18 in order to optimise the drainage strategy and to determine the best possible location for production wells in this area. The well was also testing incremental resource potential in this part of the field.
The well encountered a 66 metres gross oil column in pebbly sandstone with medium to good reservoir quality. Extensive data acquisition and sampling is currently ongoing with the initial data results appearing very promising with regard to additional in-place volumes. The integration of these positive well results will be used to optimise the drainage strategy and to determine the best possible location for production wells in this area.
Ashley Heppenstall, President and CEO of Lundin Petroleum, comments: “The Edvard Grieg southeast appraisal well has been successful. This well, together with last year’s appraisal well in the same area of the field, will in my opinion result in an increase to the Edvard Grieg reserves at the end of this year. The low incremental cost of developing such barrels will add value to the Edvard Grieg asset.”
This is the tenth exploration/appraisal well in PL338 of which seven have been drilled on the Edvard Grieg field. The licence was awarded on 17 December 2004 (APA 2004).
The well was drilled to a vertical depth of 2,043 metres below the sea surface and terminated in granite basement. The well will be permanently plugged and abandoned. Water depth at the site is 108 metres.
The well was drilled by the jack-up rig Rowan Viking which will return to the Edvard Grieg platform to continue drilling of production and injection wells.
Lundin Norway is the operator of PL338 with 50 percent working interest. The partners are OMV Norge AS with 20 percent working interest, Statoil Petroleum AS with 15 percent working interest and Wintershall Norge AS with 15 percent working 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 on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).
For further information, please contact:
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Maria Hamilton Head of Corporate Communications E-mail: maria.hamilton@lundin.ch Tel: +41 22 595 10 00 Tel: +46 8 440 54 50 |
Teitur Poulsen VP Corporate Planning & Investor Relations Tel: + 41 22 595 10 00 |
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).
Forward-Looking Statements
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.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.
