Lundin discovers natural gas at Skalle in the Barents Sea

By Phaedra Friend Troy

Lundin Petroleum (TSX:LUP) has discovered natural gas with well 7120/2-3S on the Skalle prospect on Production License 438 in the Arctic waters of the Barents Sea.

Targeting hydrocarbons in the Cretaceous and Jurassic formations, the Skalle discovery well proved gas in three separate zones. A comprehensive logging and coring program has been performed on the discovery.

Initial estimates of the size of the Skalle discovery range from 88 to 280 billion cubic feet of gas, or 15 to 50 million barrels of oil equivalent. Additionally, there is potential for a further, deeper oil leg in the Cretaceous reservoir and an upside potential in the Skalle substructures.

Further analysis is ongoing for Skalle to determine appraisal drilling on the field.

Drilled to a total vertical depth of 2,600 meters by the Transocen Leader, the Skalle discovery well is located 25 kilometers north of the Snohvit field in the southwestern section of the Barents Sea.

"The Skalle gas discovery is close to existing infrastructure with upside potential both in nearby substructures and other prospects on the licencse," said Ashley Heppenstall, president and CEO of Lundin Petroleum. "We remain confident regarding the oil prospectivity of Lundin Petroleum's Barents Sea acreage."

Lundin is the operator of PL438 with 25 percent interest. Project partners are RWE Dea Norge AS with 20 percent, Petoro AS with 20 percent, Spring Energy with 17.5 percent and Talisman Energy Norge with 17.5 percent interest.

The Transocean Leader will now move to PL265 in the Greater Luno Area of the Norwegian North Sea to drill the Aldous Major South prospect for operator Statoil.

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