Lundin ups oil yield estimate for Avaldsnes in the North Sea

Offshore staff

STOCKHOLM, Sweden – Lundin Norway has raised its estimate of oil resources at the Avaldsnes discovery in the Norwegian North Sea to 800-1.8 MMbbl recoverable.

This follows positive results from analysis of two appraisal wells and a side track program in license PL501.

Data from Statoil’s recent Aldous Major South discovery well in adjoining license PL265 were also used to determine the new resource range – the previous estimate was 0.1-0.4 Bbbl recoverable. The new contingent resource range was independently audited by Gaffney, Cline & Associates.

All the wells were cored through the reservoir section for direct reservoir properties analysis, age dating, log calibrations, and analysis of the reservoirs sands’ depositional system.

The Avaldsnes discovery well 16/2-6 (drilled in September 2010) and the first appraisal well 16/3-4 were both successfully tested and proved the high lateral continuity and productivity of the main Upper Jurassic reservoir sands. All the wells confirmed strong reservoir properties.

Lundin adds that the appraisal wells have also upgraded the thickness and properties of the main prime Volgian Upper Jurassic reservoir, which again has had a material impact upon the revised resources. It now believes that the Upper Jurassic Volgian reservoir is transgressive across the whole of the Avaldsnes structure.

Statoil has posted a recoverable resource estimate for Aldous Major South of 400-800 MMbbl. That combined with Avaldsnes brings a gross contingent resource range of 1.2-2.6 Bbbl recoverable, Lundin points out.

Ashley Heppenstall, president and CEO of Lundin Petroleum, said: “Avaldsnes and Aldous will be developed together and we are already working closely with our partners and Statoil as operator of PL265 to ensure that the project proceeds without delay. The discovery is located in 115 m (377 ft) water depth, at a reservoir depth of less than 2,000 m (6,561 ft) and close to existing infrastructure with significant spare pipeline capacity.

“The discovery is likely to be one of the largest five discoveries on the Norwegian continental shelf and certainly the largest since the mid 80’s and highlights the continued prospectivity of what many viewed as a mature region with limited remaining potential.”

Lundin plans to drill further appraisal wells in PL501 to better define the recoverable resource range and to assist with development planning. The next well (16/5-2) will be on the south western part of the Avaldsnes structure later this fall, with at least three further appraisal wells to be drilled during 2012.

Statoil says it will issue its own updated volume estimates after completing its current appraisal well 16/2-10 on Aldous Major South.

09/30/2011



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