Lundin Petroleum: Johan Sverdrup Appraisal Well Finds Oil Column

Lundin Petroleum has informed that the Johan Sverdrup appraisal well 16/5-4, located in the south western part of PL501,in the Norwegian sector of the North Sea, found an oil column of approximately 6 metres in excellent quality sandstone of Upper Jurassic age. The well is successfully completed.

Appraisal well 16/5-4 is located at the south-western flank of the Johan Sverdrup discovery. It was drilled approximately 4 kilometres south-west of appraisal well 16/5-2S and approximately 3 kilometres south-east of well 16/5-3 (PL502). The well found an oil-filled 6 metres gross reservoir section of excellent quality sand with very high net to gross ratio. The top of the reservoir was found according to prognosis and 16 metres above the probable oil water contact of 1,922 metres (Mean Sea Level). The reservoir sequence is entirely of late Jurassic age resting on Triassic sediments. No oil water contact was established.

The well was drilled to a total depth of 2,075 metres below mean sea level into sediments of most likely Triassic sediments. A comprehensive coring and logging program has been successfully completed. A pressure gauge is installed in the hole to monitor the reservoir pressure for a period of 2-5 years. The well is permanently abandoned.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “The major uncertainties associated with this appraisal well were the time-depth conversion to the top of the reservoir and the presence of reservoir. In this respect we are pleased to have proved the extension of the reservoir at this location with excellent sand quality.”

The well was drilled using the semi-submersible drilling rig Bredford Dolphin. The rig will now drill appraisal well 16/3-7 at the south-eastern flank of the Johan Sverdrup discovery, also located in PL501.

Lundin Norway is the operator in PL501 with 40 percent interest. The partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

[mappress]
September 30, 2013