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Lundin Spuds Exploration Well 33/12-10 S in PL631

Source: www.gulfoilandgas.com 9/1/2014, Location: Europe

Lundin Petroleum AB, through its wholly owned subsidiary Lundin Norway AS, is pleased to announce that drilling of exploration well 33/12-10 S in PL631 has commenced.

The well will investigate the hydrocarbon potential of the Vollgrav South prospect in PL631, which is located 150 km west of Floro on the Norwegian west coast and between the giant Gullfaks and Statfjord fields.

The main objective of well 33/12-10 S is to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Borg Field (which forms part of the Tordis Field discovered by Saga Petroleum 20 km further north in 1992). Lundin Petroleum estimates the Vollgrav South prospect to have the potential to contain unrisked, gross prospective resources of 57 million barrels of oil equivalent (MMboe).

The planned total depth is 3,050 metres below mean sea level and the well will be drilled using the drilling rig Bredford Dolphin. Drilling is expected to take approximately 55 days.

Lundin Norway is the operator and has a 60 percent working interest in PL631. The partners are Bayerngas Norge with a 30 percent working interest and Fortis Petroleum Norway with a 10 percent working interest.

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