Oil indications in Lundin Barents Sea well

Offshore staff

STOCKHOLM, Sweden – Lundin Norway is completing an exploration well in the Barents Sea offshore Norway, which may have discovered oil.

The semisubmersible Transocean Arctic drilled well 7120/6-3 S in 330 m (1,082 ft) of water on license PL490. It targeted two levels in the Snurrevad-Juksa prospect, 10 km (6.2 mi) northwest of the Snøhvit gas/condensate field.

Main objective was to prove hydrocarbons in Lower Cretaceous/Upper Jurassic reservoirs. Analysis of a cored section of the reservoir indicates thin oil-bearing sands in an 8-9 m (26-29 ft) zone at the top of a 25-m (82-ft) Lower Cretaceous sand sequence. No reservoir was found to be present in the Snurrevad target.

Further geophysical and geological studies will follow to clarify the potential in the Juksa target.

Partner Noreco is also supporting two Statoil-operated exploration wells in the Norwegian sector. Drilling of the Jette well in license PL385 started late October, with results expected in December. Drilling of the Lupin well in license PL360 is due to start in December.

11/19/2012

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