Lundin Crowns Avaldsnes Jewel One of Five Largest NCS Discoveries

Lundin Petroleum has increased the estimate of recoverable oil resources at the Avaldsnes discovery to 800-1.8 MMbbl within license PL 501.

The operator said this estimate follows the results from two appraisal wells and a sidetrack program. This estimate is also based on the Aldous Major South discovery drilled by Statoil in the adjoining license PL 265.

The Avaldsnes discovery well 16/2-6 and the appraisal well 16/3-4 were both tested and proved the high lateral continuity and productivity of the main Upper Jurassic reservoir sands. The wells have confirmed excellent reservoir properties.

Lundin states that the appraisal wells have significantly upgraded the thickness and properties of the main prime Volgian Upper Jurassic reservoir, which has had a material impact upon the revised recoverable resources. Additionally, it is now believed that the Upper Jurassic Volgian reservoir is transgressive across the whole of the Avaldsnes structure.

Statoil, as operator for PL 265, has announced an estimated recoverable resource range from 400 to 800 million barrels for Aldous Major South. The combined Avaldsnes/Aldous Major South discoveries have a gross contingent resource range estimate of 1.2 to 2.6 Bbbl recoverable.

Lundin plans to further appraise the field to define the recoverable resource range and to begin development planning. Well 16/5- will be drilled in the southwestern part of the Avaldsnes discovery in the fourth quarter 2011. The company also plans to drill at least three additional appraisal wells in 2012. 

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