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Lundin Starts Drilling Appraisal Well on Norway's Johan Sverdrup

Date : 11/13/2012 @ 2:46PM
Source : Dow Jones News
Stock : Statoil Asa (STO)
Quote : 28.53  -0.41 (-1.42%) @ 11:25PM
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Lundin Starts Drilling Appraisal Well on Norway's Johan Sverdrup

Lundin Petroleum Ab (OMX:LUPE)
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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 kjetilmalkenes.hovland@dowjones.com

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