Lundin hits 'significant' oil discovery with Avaldsnes in the Norwegian North Sea

By Phaedra Friend Troy

Lundin Petroleum announced a “significant oil discovery” with its 16/2-6 exploration well on the Avaldsnes prospect in the Norwegian North Sea.

Drilled by the Transocean Winner semisubmersible rig to a total depth of 2,132 meters, the discovery well is located on Production License PL501 in the central North Sea, about 25 kilometers east of the Lundin-operated Luno field.

The Avaldsnes discovery well proved a 17-meter oil column in excellent-quality Jurassic-age sandstone. Comprehensive coring and logging of the well was carried out, and production tests confirm the well has excellent reservoir characteristics, flowing at a rate of 5,000 barrels per day of high-quality oil.

Estimated to contain recoverable resources of 100 to 400 million barrels of oil equivalent on PL501, the Avaldsnes discovery requires additional appraisal wells to delineate the size and structure of the reservoir. Appraisal drilling is planned for 2011.

"The Avaldsnes discovery is a major milestone for Lundin Petroleum and has confirmed our view that following the Luno discovery additional hydrocarbons would be found in the Greater Luno Area,” said Ashley Heppenstall, president and CEO of Lundin. “The well has proven the migration of hydrocarbons to the eastern side of the Utsira High which is very positive.”

Lundin serves as the operator of PL501 with 40 percent interest. Partners on the license include Statoil with 40 percent interest and Maersk with 20 percent interest.

The Transocean Winner will now move to the Lundin-operated PL338 to drill the Apollo prospect.



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