Lundin Petroleum Completes Testing of Munir Block in Iran

Lundin Petroleum reports that the testing program for the Sehqanat-1 well in the Munir Block, Iran has been completed. The first two tests of the Sarawak and the lower part of the Asmari reservoir did not produce commercial quantities of hydrocarbons. However, preliminary results of the third test indicate that the upper part of the Asmari is oil bearing.

The current plan is to suspend the well and, following more detailed analysis, plan to re-enter the well with a work over rig to further test the upper Asmari reservoir with a view to determine if the oil accumulation is of commercial interest. Further information will be made available as soon as all the acquired data has been interpreted in detail.

Meanwhile the drilling unit is being demobilised and transported to the Shakestan (S-1) drilling location. The S-1 well is expected to spud in the second half of July.

The Munir Block is operated by Edison International (40% working interest) with partners Petronas Carigali Overseas Sdn Bhd (30%) and Lundin Petroleum (30%).