Oil discoveries at Jorvik and Tellus East exploration wells

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has made two oil discoveries in exploration wells 16/1-31 S (Jorvik) and 16/1-31 A (Tellus East) on the eastern edge of the Edvard Grieg field in PL338 on the Utsira High.

Highlights

  • Oil and gas discoveries with combined gross resources between 4 and 37MMboe
  • Jorvik, a similar conglomerate reservoir to areas of Edvard Grieg field
  • Tellus East, a 60m gross oil column in porous, weathered basement reservoir
  • Both discoveries can be developed with wells from the Edvard Grieg platform

             
At Jorvik, the well encountered oil in 30 metres of conglomerate reservoir of Triassic age with a thin, high quality sandstone above. After extensive coring and data collection, the well was tested at an anticipated low rate of around 130 bopd in the conglomerate interval and pressure measurements show that the area is in communication with the Edvard Grieg field. This combination of conglomerate and sandstone reservoir types are also found on the southern and eastern part of Edvard Grieg and a horizontal production well in the Jorvik area of the field, is expected to flow at commercial rates.

At Tellus East, the well encountered a gross oil column of 60 metres in porous, weathered basement reservoir. Extensive data acquisition was carried out including coring, logging and oil sampling. The Tellus area on the northern edge of the Edvard Grieg field, is currently producing from two horizontal production wells that have contribution from porous, weathered basement reservoirs and the Tellus East discovery gives further confidence in the basement potential in this area of the Edvard Grieg field.

The combined gross resources of Jorvik and Tellus East are estimated to be between 4 and 37 million barrels of oil equivalent (MMboe). Both Jorvik and Tellus East can be developed with wells from the platform, which will be evaluated in parallel with other infill targets and tie-in opportunities in the area, to optimise the utilisation of the available processing capacity on the facility.

The dual branch Jorvik/Tellus East well was drilled four kilometres northeast of the Edvard Grieg platform, by the Leiv Eiriksson semi-submersible drilling rig. Lundin Norway is the operator of PL338 with a 65 percent working interest. The partners are OMV with 20 percent and Wintershall DEA with 15 percent.

The Leiv Eiriksson rig will stay in the Utsira High area to drill a number of shallow gas pilot wells as part of the Solveig development project before moving to drill the Goddo exploration well 16/5-8S  in PL815. Goddo will test the extension of the Rolvsnes weathered basement oil discovery into the adjacent licence, where the combined area is estimated to contain gross potential resources of more than 250 MMboe. Rolvsnes/Goddo located to the south of the Edvard Grieg field is targeting the same porous, weathered basement reservoir currently being produced from the Tellus area of Edvard Grieg. Lundin Norway is the operator of PL815 with a 60 percent working interest, and the partners are Concedo and Petoro with 20 percent interest each.

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker “LUPE”). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

For further information, please contact:

Edward Westropp
VP Investor Relations
Tel: +41 22 595 10 14
edward.westropp@lundin.ch
Sofia Antunes
Investor Relations Officer
Tel: +41 795 23 60 75
sofia.antunes@lundin.ch
Robert Eriksson
Head of Media Communications
Tel: +46 701 11 26 15
robert.eriksson@lundin-petroleum.se


Forward-Looking Statements

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including Lundin Petroleum’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon.  These statements speak only as on the date of the information and Lundin Petroleum does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in Lundin Petroleum’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

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