- Oslo
Economy The Nordic Page

New Oil Discovery in Norway

Lundin Petroleum announced that the drilling of exploration well 16/4-6S on the Luno II prospect has resulted in a potentially significant oil discovery. The well will now be tested.
New Oil Discovery in Norway

Keep Updated with the Latest News and Feeds, Follow Us on Facebook

The well was drilled in water depths of 101 metres and is located on the south western flank of the Utsira High approximately 15 km south of the Lundin Petroleum operated Edvard Grieg field. The well has drilled through a section of close to 200 metres of sand with a high net-to-gross content. A gross oil column in excess of 40 metres has been proven. The oil water contact was encountered at approximately 1,950 metres below mean sea level. It is a light oil of good quality. The pressure data indicates that the petroleum system in Luno II is different to that seen in the Edvard Grieg and Johan Sverdrup fields. A comprehensive coring, logging and fluid sampling program has been performed. The discovery will now be production tested.

Ashley Heppenstall, President and CEO of Lundin Petroleum AB, commented: “We are very pleased that Luno II appears to be another significant discovery on the Utsira High. The existence of a thick reservoir section at this location is excellent news. The reservoir quality, whilst not the same as Johan Sverdrup, appears good and will now be tested. We expect to provide a range of recoverable resources from the  discovery after testing is completed in 2-3 weeks time”

The well was drilled using the semi-submersible drilling rig Bredford Dolphin. Following the completion of the testing programme the rig will be moved to the Lundin Norway operated PL501 to continue the appraisal drilling on the Johan Sverdrup discovery.

Lundin Norway AS is the operator of the PL359 with a 40 percent interest. The partners are Statoil Petroleum ASA with 30 percent and Premier Oil plc with 30 percent 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 at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).

TAGS: Oil
Share this on:
facebook
myspace
twitter
google
yahoo
wordpress
youtube
digg
delicious
blogger
blog comments powered by Disqus
Comments made on this article:
Advertisement
curr
Exchange Rates - NOK
Currency2014-08-272014-08-26+- %
1 USD6.189196.174950.23 %
1 EUR8.15558.1460.12 %
1 GBP10.271410.2330.37 %
100 DKK109.413109.2730.13 %
100 SEK89.026188.96610.07 %
1 CNY1.007451.00240.5 %
1 JPY0.059580.059390.32 %
1 TRY2.869132.846760.78 %
1 INR0.102380.102040.33 %
1 BRL2.743932.703081.49 %
1 RUB0.17170.170830.51 %



most
Most Popular
Advertisement
commentary
Commentaries
Advertisement