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Lundin Petroleum Spuds Torvastad Prospect

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Lundin Petroleum AB has commenced exploratory drilling on well 16/2-20S at the Torvastad prospect in PL501 in the Norwegian sector of the North Sea. The well is immediately north of the Johan Sverdrup discovery.

Drilling operations are being performed by the Island Innovator (mid-water semisub) and drilling should take up to 55 days. The planned total depth of well 16/2-20S is 6,808 feet below sea level.

The operator is exploring the area north of the Johan Sverdrup discovery to determine the northern extension of the field. Well 16/2-20S will investigate the presence, quality and depth of potential Jurassic reservoir sequences north of Johan, Lundin stated.

Johan is located on Block 16/2 in a water depth of 377 feet. The well is located about 16 miles (25 kilometers) east of the Luno discovery, on the opposite side of the Utsira structural high. The discovery is a Lower Cretaceous/Jurassic age sandstone sequence, analogous to the Luno reservoir, within a combined stratigraphic/four-way-dip closure. The Johan Sverdrup structure is estimated to contain between 1.7-3.3 billion barrels of oil equivalents of gross recoverable resources making it the largest discovery on the Norwegian Continental Shelf since the mid-eighties.

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