Lundin Spuds Well on Barchan Prospect Offshore Norway

Lundin Petroleum has spudded exploratory well 3/8-1 on the Barchan prospect in the Norwegian sector of the North Sea. The well is located in PL 400, about 7 miles (12 kilometers) east of the Trym discovery, close to the boundary between the Norwegian and Danish sectors. The well is targeting sandstones of Permian age in a four-way dip and fault bounded structural closure. Barchan is estimated to contain gross unrisked prospective resources of 150 million barrels of oil equivalent. The Maersk Guardian jackup is drilling the well and should reach a total depth of approximately 13,123 feet (4,000 meters). Lundin operates the prospect, holding a 50% interest; Noreco holds 30%; and Petoro AS holds 20%.

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