Lundin: Appraisal confirms extension of Avaldsnes oil field in the Norwegian North Sea

By Phaedra Friend Troy

Through drilling the second appraisal well 16/2-7, Lundin Petroleum (TSX:LUP) has confirmed the extension of the Avaldsnes oil field approximately 5.5 kilometers south of the 16/2-6 discovery well and 4.5 kilometers southwest of the first appraisal well 16/304.

Located on Production License 501, the Avaldsnes field is in communication with the Aldous Major South discovery on Production License 265 to the west.

The Bredford Dolphin drilled the second Avaldsnes appraisal well to a total depth of 2,500 meters in waters measuring 113 meters deep.

The Avaldsnes appraisal well transected a gross reservoir column of excellent quality Upper Jurassic-age sandstone measuring 35 meters, of which 7 meters were above the oil-water contact. An extensive coring and logging program was performed, confirming excellent quality reservoir characteristics.

"We will, following the sidetrack, incorporate the results of the two well appraisal program and Statoil's Aldous Major South well in PL265 into our geotechnical models," said Ashley Heppenstall, president and CEO of Lundin. "We will then release a revised resource range from the previously announced 100 - 400 million barrels of recoverable of oil equivalent contained within PL501. The Avaldsnes /Aldous Major South discovery is already the largest discovery on the Norwegian Continental Shelf since the mid 1980s and I am confident has the potential to grow as the field is appraised."

The semisubmersible rig will now drill a sidetrack, scheduled for completion in mid-September. Additionally, a third appraisal well may likely be drilled on Avaldsnes during the fourth quarter of 2011.

Lundin serves as the operator of PL501 with 40 percent interest. Project partners include Stateoil with 40 percent and Maersk with 20 percent.

Statoil serves as the operator of PL265, which holds the Aldous Major South find, with 40 percent interest. Project partners include Petoro with 30 percent, Det norske oljeselskap with 20 percent and Lundin with 10 percent.

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