Lundin Completes Latest Johan Sverdrup Appraisal Well

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Sweden's Lundin Petroleum reported Tuesday that it has successfully completed its latest Johan Sverdrup appraisal well (well 16/2-21) on production license 501, offshore Norway.

The well found net oil column of 39 feet in a gross Jurassic reservoir sequence of 98 feet. Lundin said the Jurassic sequence has "excellent reservoir quality".

The well was drilled to a total depth of 6,710 feet and it will now be plugged and abandoned.

Lundin CEO Ashley Heppenstall commented in a company statement:

"The latest Johan Svedrup appraisal well provides a further important data point and will be incorporated into the latest reservoir model which will be used to update resource estimates later this year. The well again encountered Volgian reservoir of excellent quality and high net to gross above the oil water contact. The top reservoir was encountered within our range of pre drill estimates."

The well was drilled using the rig Bredford Dolphin (mid-water semisub). Lundin is the operator of PL501, holding a 40-percent interest.



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