Statoil Asa (NYSE:STO)
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Swedish oil company Lundin Petroleum AB (LUPE.SK) said Tuesday it had started drilling appraisal well 16/2-16 on the giant North Sea discovery Johan Sverdrup.
-Drilling is in the northeastern part of the discovery, to discover the depth, quality and thickness of the oil reservoir.
-The well is three kilometers away from well 16/2-13A in production license 501 and well 16/2-10 in production license 265, which both established excellent reservoir and deeper oil-water contacts than other wells in the discovery.
-A limited oil column is expected, as the well is located on the flank of the discovery.
-The planned total depth of the well is about 2,250 metres below the sea level, and it will be drilled by the semi-submersible drilling rig Transocean Winner.
-The operation is expected to take about 50 days.
-The Johan Sverdrup discovery, proven in 2010, is estimated to contain at least 1.8 billion barrels of oil equivalent, according to the Norwegian Petroleum Directorate.
-Lundin is expected to release new estimates of the size of Johan Sverdrup in early 2013.
-Johan Sverdrup is spread between production licenses 501 and 265 on the Norwegian continental shelf.
-Statoil ASA (STO) said earlier this month that it had drilled its ninth well in production license 265, showing very good reservoir quality.
-Lundin Petroleum is the operator of production license 501 with a 40% stake. Statoil subsidiary Statoil Petroleum AS has a 40% stake and Maersk Oil Norway holds 20%.
-At 0833 GMT, Lundin shares traded 1.2% lower at SEK152.00.
-Write to Kjetil Malkenes Hovland at email@example.com
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