Lundin Strikes Oil Offshore Norway

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Lundin Norway made an oil discovery in exploratory well 16/2-6 on the Avaldsnes in Production License 501. The well's primary exploration target was to prove petroleum in Upper Jurassic reservoir rocks in the Hugin formation, while the secondary target was to prove petroleum in reservoir rocks in the Lower Paleocene in the Ty formation. Drilled to a vertical depth of 6,995 feet (2,132 meters), the well terminated in the Zechstein group in the Upper Permian section. Oil was proven in a 56-foot (17-meter) column in the Draupne and Hugin formation in the Upper to Middle Jurassic, while the Ty formation lacked reservoir formation. A formation test was performed, showing very good flow properties. The operator is considering further rapid delineation drilling on the discovery soon. The water depth at the site is 377 feet (115 meters). Lundin Petroleum operates the prospect, holding a 40% interest; Statoil holds 40%; and Maersk Oil Norway AS holds 20%.

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