Lundin Spins Bit at Albert Prospect

Lundin Petroleum AB (Lundin Petroleum) announced that drilling of exploration well 6201/11-3 in PL519 has commenced. The well will target the Albert prospect, which is situated 40 miles (65 kilometers) northwest of the Snorre field in the northern North Sea, offshore Norway.

The main objective of well 6201/11-3 is to test Cretaceous and Triassic age sandstones of a multiple target structure. Lundin Petroleum estimates the Albert prospect to contain unrisked, gross, prospective resources of 177 million barrels of oil equivalent (MMboe).

The planned total depth is 10,335 feet (3,150 meters) below mean sea level and the well will be drilled using the drilling rig Bredford Dolphin (mid-water semisub). Drilling is expected to take approximately 55 days.

Lundin Petroleum is the operator of PL519 with 40 percent interest. Partners are Bayerngas Norge AS, Norwegian Energy Company ASA and Spring Energy Norway AS with 20 percent interest each.

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