Lundin Spuds Well Targeting Storm Prospect

Sweden's Lundin Petroleum reported Thursday that it has spud an exploration well targeting the Storm prospect in the northern part of the Norwegian North Sea.

The exploration well, designated 33/2-1, will investigate the hydrocarbon potential of the Storm prospect, which is located some 120 miles west northwest of Florø on the Norwegian west in production license 555. The main objective of the well is to test the reservoir properties and hydrocarbon potential of Upper Jurassic sandstones that are equivalent to the reservoir at the Magnus field located some 21 miles to the south on the UK Continental Shelf.

Lundin estimates the Storm prospect to have the potential to contain un-risked, gross prospective resources of 89 million barrels of oil equivalent.

The planned total depth is 14,765 feet below mean sea level and the well will be drilled using the Transocean Arctic (mid-water semisub) rig. Drilling is expected to take approximately 80 days.

Lundin Norway is the operator and has a 60-percent working interest in PL555. Bayerngas Norge is its partner with a 40-percent working interest.



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