Norway: Lundin Announces Spud of Aldous Major South Well

Lundin Petroleum AB (Lundin Petroleum) announces that drilling of appraisal/exploration well 16/2-8 on the Aldous Major South structure has commenced. The well is located in licence PL265 in the Norwegian North Sea.

The Aldous Major South structure is believed to be the western continuation of the Lundin Petroleum operated PL501 Avaldsnes discovery into PL265, with primary target in sandstone of Upper and Middle Jurassic age. Secondary targets are the Cretaceous Shetland Group chalk and the Triassic Skagerrak Formation.

The planned total depth is 2,085 metres below mean sea level. The well will be drilled with the drilling rig Transocean Leader and the duration is expected to be 45 days.

Lundin Petroleum holds 10 percent interest in PL265. Partners are Statoil Petroleum AS (operator) with 40 percent interest, Petoro (30 percent) and Det norske oljeselskap ASA (20 percent).

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, July 19, 2011; Image: PTIL;