Lundin Spuds Morskaya-1 Exploration Well in Caspian Sea


Lagansky Block - Caspian Sea
(Click to Enlarge)

Lundin Petroleum AB is pleased to announce that it has started drilling the Morskaya-1 exploration well in the Lagansky block, situated in the northern Caspian Sea in Russia. Lundin Petroleum has currently a 70% net interest in the Lagansky block.

The well, with a planned depth of 2,000 meters, is targeting Triassic and Jurassic Sandstone Reservoirs. The Morskaya structure is on trend with several major discovered oil and gas accumulations in the northern Caspian Sea.

The Morskaya-1 well is the first in a four well drilling program planned for 2008 and 2009.

The gross unrisked prospective resources for the Morskaya prospect within the Lagansky block are estimated at 640 million of barrels of oil equivalents (MMboe).

Gazprom has a call option to acquire a 50% plus one share in the Lagansky block. Lundin Petroleum has a call option to acquire an additional 30% from minority shareholders. If both options are exercised Lundin Petroleum will retain 50% minus one share in the Lagansky block and Gazprom will hold a 50% plus one share in the Lagansky block.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Class A CDL Drivers INTERVIEW OPPORTUNITY
Expertise: Motorman
Location: San Antonio, TX
 
Chief Mechanic - Texas, USA
Expertise: Mechanic|Rig Mechanic
Location: Texas
 
Well Servicing Rig Jobs - North Dakota, USA
Expertise: Derrickman|Floorhand / Roughneck|Production Operator
Location: ND
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours