Lundin Completes Another Johan Sverdrup Appraisal (Norway)

Lundin Petroleum AB has completed the drilling of appraisal well 16/2-16 in PL501 on the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS).

The well was drilled in PL501 on the north eastern flank of the discovery approximately three km away from the discovery well 16/2-6, the recent well 16/2-13A in PL501 and well 16/2-10 located in PL265. The objective of the well was to establish the depth to the top reservoir, and the quality of the reservoir, the oil water contact depth and the aquifer quality.

The main objectives were met by encountering the top of the reservoir at prognosis at 1,924 metres below Mean Sea Level (MSL) and the oil water contact (OWC) at 1,925 metres below Mean Sea Level (MSL). This oil water contact is the same as in well 16/2-13A and about three metres deeper than the previously identified OWC in other PL501 wells. A total of 15 metres sand was found in a 60 metres Jurassic sequence. The well was drilled to a depth of 2,188 metres below Mean Sea Level (MSL).

The well will now be side tracked approximately 1,000 metres westward to improve the understanding of the lateral variations in reservoir qualities and the relation between the 1,934 metres below Mean Sea Level (MSL) oil water contact in well 16/2-10 and the 1,925 metres below Mean Sea Level (MSL) contact observed in the 16/2-16 and 16/2-13A wells.

The well is also important in relation to the water injection strategy to be applied during production. The wells 16/2-16 and 16/2-16A are being drilled with the drilling rig, Transocean Winner. Lundin Norway is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with a 40 percent interest and Maersk Oil Norway AS with a 20 percent interest.

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Press Release, December 10, 2012