Lundin receives Lagansky license extension

Lundin Petroleum has received a five-year extension to its existing Lagansky exploration license from Rosnedra, the Russian subsoil licensing agency.

Offshore staff

STOCKHOLM -- Lundin Petroleum has received a five-year extension to its existing Lagansky exploration license from Rosnedra, the Russian subsoil licensing agency. The license is now valid until August 2014.

The Lagansky exploration license is in the Russian sector of the Northern Caspian Sea. It contains the Morskaya discovery drilled in 2008, which has estimated gross recoverable resources of between 110 and 450 MMbbl of oil.

Following the award of this license extension, Lundin Petroleum has dedided to postpone drilling of the Morskaya-2 exploration/appraisal well, which will appraise the western end of the Morskaya discovery, until 2010.

Lundin Petroleum plans to drill the Petrovskaya-1 exploration well later this year. The Petrovskaya prospect is a four-way dip closure that lies on trend and updip of the Morskaya discovery. It is estimated to contain unrisked potential resources of 300 MMbbl of oil, the company says.

02/25/2009

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