Lundin Petroleum reports that the exploration well Vaxy-1 in Pays du Saulnois in the east region of France, has spudded.
The exploration well, with a vertical depth of 2,100 meters, is targeting the upper Carboniferous reservoir.The Vaxy prospect has unrisked gross prospective recoverable gas resources of about a half trillion cubic feet (approximately 90 million barrels of oil equivalent).
Lundin Petroleum has signed a farm-out agreement with GDF SUEZ where Lundin Petroleum will transfer a 50 percent interest of the Pays du Saulnois licence to GDF SUEZ. Lundin Petroleum will retain the remaining 50 percent and operatorship. The agreement is subject to governmental approval.