Joy for Statoil at Aldous South Appraisal

Lundin Petroleum announced that the drilling of appraisal well 16/2-10 in the Norwegian North Sea has confirmed the northern extension of the Aldous Major South discovery in PL265. The Aldous Major South discovery is an extension of the Avaldsnes discovery made by Lundin Petroleum in PL501.

The appraisal well encountered a gross oil column of 50–55 meters in sandstone of Jurassic age.

The well was drilled using the semisubmersible rig Transocean Leader and the acquisition of further data is ongoing.

Prior to drilling the appraisal well Statoil had estimated the gross recoverable contingent resource range for the Aldous Major South discovery of 400 to 800 million barrels of oil contained in PL265. Statoil will update the contingent resource range once the data from this appraisal well has been analyzed.

Lundin Petroleum has recently updated its gross contingent resource estimate for the Avaldsnes discovery within PL501 to be 800 million to 1.8 billion barrels of recoverable oil. The Avaldsnes/Aldous Major South discovery is therefore estimated to contain gross contingent resources of 1.2 to 2.6 billion barrels of recoverable oil.

Lundin Petroleum is a partner with 10 percent interest in PL265. Statoil ASA is the operator with 40 percent, Petoro has 30 percent and Det Norske oljeselskap ASA has 20 percent interest.

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

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