Sudan Field Has Estimated Reserves of 149.1 Million Barrels

Lundin Petroleum said an independent study of Block 5A at the Thar Jath field in Sudan put estimated reserves there at 149.1 million barrels of oil. "An independent reserve study...has assigned proven and probable recoverable reserves of 149.1 million barrels of oil to the Thar Jath Field in block 5A," Lundin said in a statement, adding the study had been carried out by Australian Resource Investment Strategy Consultants.

Lundin owns 40.375 percent of a consortium which has an exploration license in that area and has drilled two test holes in the Thar Jath structure. "This report allows us to book net recoverable reserves of 60.2 million barrels in Sudan," Lundin said. Ultimately we are confident that both Blocks 5A and 5B...will yield large quantities of oil for the benefit of Sudan as a whole and will create enormous value for...our shareholders," said the company, which has a 24.5 percent interest in the field's Block 5B.