Lundin Petroleum Spuds Well in North Sea

Lundin Petroleum has spudded exploration well 16/2-6 on the Avaldsnes prospect offshore Norway. The well is located about 16 miles (25 kilometers) east of the Luno discovery, on the opposite side of the Utsira structural high. The target is a Lower Cretaceous/Jurassic age sandstone sequence, analogous to the Luno reservoir, within a combined stratigraphic/four-way-dip closure. It is estimated that the gross unrisked prospective resource of the primary Avaldsnes target is about 130 million barrels of oil equivalent. Lundin is using the Transocean Winner semisub for drilling operations, which should last about 38 days, excluding testing. Lundin Petroleum operates the prospect, holding a 40% interest; Statoil holds 40%; and Maersk Oil Norway AS holds 20%.

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