Lundin Announces Gas Discovery in Barents Sea

Lundin Petroleum has announced that its wholly owned subsidiary Lundin Norway, operator of production licence PL438, has completed well 7120/2-3S on the Skalle Prospect as a gas discovery.

The well is situated approx. 25 kms north of the Snøhvit Field in the south western part of the Barents Sea. The primary target for the well was to prove hydrocarbons in reservoir rocks from both the Cretaceous and the Jurassic age. Gas was proven in three separate zones.

The initial gross contingent resource range for the Skalle discovery is estimated at between 88 to 280 billion cubic feet (bcf) (15 to 50 million barrels of oil equivalent (MMboe)). There is a potential for a deeper oil leg in the lower Cretaceous reservoir of Skalle and an upside potential in Skalle substructures. The results of the well will be further analysed to determine the appraisal program for the discovery.

Ashley Heppenstall, President and CEO of the Swedish independent oil and gas exploration and production company commented; 'The Skalle gas discovery is close to existing infrastructure with upside potential both in nearby substructures and other prospects on the licence. We remain confident regarding the oil prospectivity of Lundin Petroleum’s Barents Sea acreage.'

The well 7120/2-3S is the first exploration well in PL438 and was drilled to a vertical depth of approx. 2,600 meters below sea level.

Source: Lundin Petroleum