Lundin Norway AS Makes Oil, Gas Discovery in Southern Barents Sea

Lundin Norway AS announced Tuesday that it has made an oil and gas discovery at the Neiden exploration well 7220/6-2R, located in PL609 in the southern Barents Sea.

The main objectives of the well were to prove oil in Triassic sandstone and Permian carbonate reservoirs. The well encountered a gross 100-foot hydrocarbon column, with 68 feet of oil and 32 feet of gas in the Permian target. The total gross resource estimate for the Neiden discovery is between 25 and 60 million barrels of oil equivalents.

Extensive data acquisition and sampling was carried out at the well including coring, logging and light oil and gas sampling from wireline tools.

The semisubmersible drilling rig Leiv Eiriksson (DW semisub) will now move to the Filicudi prospect in PL533 to the northwest of the Alta discovery and south of the Statoil operated Johan Castberg discovery. The Filicudi prospect is estimated to contain gross unrisked prospective resources of 258 million barrels of oil equivalent.

Lundin Norway is the operator of both PL609 and PL533 and holds a 40 percent and 35 percent working interest in these respective licenses.



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