Lundin Targets Estimated 38MMBOE at North Sea Hyme Prospect

Drilling of the exploration well Hyme 2/5-14S in license PL006C in the North Sea sector of the Norwegian Continental Shelf (NCS) has commenced.

Lundin Petroleum estimates that the Hyme prospect has unrisked resource of 38 million barrels of oil equivalents (mmboe). The South East Tor chalk discovery made in 1972 has estimated resources of 22.5 mmboe.

The well is being drilled by the jackup rig Maersk Gallant. After the Hyme well has been completed, a side track 2/5-14A will be drilled to appraise the oil discovery South East Tor. The Hyme prospect is a stratigraphic trap located on the western flank of the Tor South East discovery where 43 degree API oil has been successfully tested from the Tor and Ekofisk formations.

Drilling results from Hyme and South East Tor are expected in first quarter 2009. 

Lundin Petroleum is the operator of PL 006C with 75% interest. Partners are Noreco ASA with 15% and Faroe Petroleum AS with 10% interest.

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