Lundin to test Barents Sea oil discovery

9/10/2013

Lundin to test Barents Sea oil discovery

STOCKHOLM -- Lundin Petroleum AB's wholly owned subsidiary Lundin Norway AS, as the operator for exploration license PL492, is in the process of completing the drilling of exploration well 7120/1-3.

The well is targeting the Gohta prospect, which is situated 35 km north west of the Snøhvit field in the Barents Sea, offshore northern Norway.

The main objective of the well was to prove oil in two separate targets; Triassic sandstone and Permian carbonate reservoirs.

In the Permian target the well encountered a gross 75 m oil column beneath a gross 25 m gas/condensate cap in dolomitized and karstified carbonate. The oil water contact was encountered at 2,365 m below mean sea level (MSL). The well has been cored, logged and sampled. A drill stem test will now be carried out to establish the flow properties of the discovery.

The well also encountered sandstone according to prognosis in the Triassic target, but the reservoir was water filled.

The semi-submersible drilling rig Transocean Arctic drilled the well in a water depth of 342 m, to a TD of 2,515 m below MSL.

Lundin Norway is the operator of PL492 with a 40 percent interest. The partners are Det norske oljeselskap ASA with 40 percent interest and the Norwegian Energy Company ASA with 20 percent interest.

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