Lundin Petroleum Spuds Exploration Well on the Alta Prospect in the Barents Sea
August 6, 2014 (Source: Marketwired) — Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that drilling of exploration well 7220/11-1 in PL609 has commenced. The well will target the Alta prospect, which is located some 20 km northeast of the Gohta discovery in the Barents Sea.
The main objective of well 7220/11-1 is to prove the presence of hydrocarbons in sandstones of Triassic age in addition to carbonates of Permo-Carboniferous age. Lundin Petroleum estimates the Alta prospect to have the potential to contain unrisked, gross prospective resources of 261 million barrels of oil equivalent (MMboe).
The planned total depth is 2,393 metres below mean sea level and the well will be drilled using the drilling rig Island Innovator. Drilling is expected to take approximately 60 days.
Lundin Norway holds 40 percent interest in PL609. Partners are RWE Dea Norge AS and Idemitsu Petroleum Norge AS with 30 percent each.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).
This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
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