Lundin Petroleum AB announced that the sidetrack (16/2-7A) of the second appraisal well, 16/2-7, has confirmed excellent quality oil bearing Upper Jurassic sandstone reservoir. The Avaldsnes field is located in license PL501 on the Norwegian Continental Shelf.

 The sidetrack well (16/2-7A) encountered a gross reservoir column of approximately 25 metres of which 17 metres net was above the oil water contact. A comprehensive coring and logging program has been performed which has confirmed excellent quality reservoir characteristics similar to the Avaldsnes discovery and appraisal wells.

 The sidetrack 16/2-7A was drilled 400 metres northeast of well 16/2-7 to a total depth of 2,100 metres measure depth (MD) and in a water depth of 113 metres. The semi submersible drilling rig Bredford Dolphin was used to drill the sidetrack well.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “As compared to the successful second Avaldsnes appraisal well the sidetrack has found a larger Jurassic reservoir section above the oil water contact. The sidetrack, the recently drilled two appraisals wells within PL501 license as well as the Aldous Major South discovery will be incorporated into our geotechnical models. A revised resource range from the previously announced 100-400 million barrels of recoverable oil equivalent within PL501 will be announced in the forthcoming weeks “.

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway with 20 percent interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. 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 187 million barrels of oil equivalent (MMboe).

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Source:Lundin Petroleum ,September 23, 2011; Image: BG Group