Lundin Finds More Gas, Oil in Barents Sea

Lundin Petroleum announced Friday that its wholly owned subsidiary Lundin Norway AS has completed the drilling of appraisal well 7220/11-2, located in the Barents Sea.

The well, which is in the western part of the Alta discovery in license PL609, encountered a 164 foot thick gas column in rocks of varying reservoir quality, according to the company. A sidetrack, drilled 1,082 feet west of the 7220/11-2 well, encountered movable oil and a production test carried out in this well indicated an output rate of 860 barrels of oil per day and 0.65 million cubic feet of gas per day.

Lundin Petroleum President and CEO Ashley Heppenstall commented in a company statement:

"The appraisal wells on the western flank of Alta have confirmed our geological model and the existence of hydrocarbons at this location. Whilst the reservoir encountered is of variable quality, the production test and data acquired provides us with confidence of connectivity across the structure and improved reservoir quality away from the well bore."

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