Small offshore oil find for Lundin north of Snorre in North Sea

Offshore staff

STOCKHOLM, Norway -- Lundin Norway has discovered small quantities of oil in the Albert prospect in the northern Norwegian North Sea.

The semisub Bredford Dolphin drilled well 6201/11-3 in 382 m (1,253 ft) water depth in license PL 519, 65 km (40.3 mi) northwest of Snorre field. Main objective was to test Cretaceous and Triassic age sandstones of a multiple-target structure.

Oil was encountered oil in a thin Cretaceous reservoir sequence at the predicted level. However, the thinness and uncertain distribution of the reservoir do not allow for a resource estimate at this stage. Further geophysical and geological studies will be needed.

The Triassic secondary reservoir was tight without movable hydrocarbons. A minor column of movable hydrocarbons was encountered in a Palaeocene secondary target.

Ashley Heppenstall, president and CEO of parent company Lundin Petroleum (NASDAQ:LUPE), said: "The existence of oil-bearing Cretaceous reservoir in the Albert well is encouraging. In the event we can find thicker Cretaceous reservoir sections over this large structure there remains potential for commercial discoveries in this area."

Wintershall will now use the rig for an exploration well on PL 47 in the central Norwegian North Sea. The rig will then revert to Lundin to drill the next appraisal well on the Johan Sverdrup field in PL501.

In the Barents Sea, Lundin Norway has started drilling the Snurrevad-Juksa prospect on license PL 490. The well, 7120/6-3 S, is 10 km (6.2 mi) northwest of the producing Snøhvit field. Main objective is to prove hydrocarbons in lower Cretaceous/upper Jurassic reservoirs.

Lundin operates the license in partnership with Noreco and Spring Energy.



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