Lundin exploring on two fronts

Lundin Oil has spudded an exploration well on the Scolty and Banchory prospects in UK North Sea block 21/8.

Offshore staff

STOCKHOLM, Sweden --Lundin Oil has spudded an exploration well on the Scolty and Banchory prospects in UK North Sea block 21/8.

Well 21/8-3 is the second of three back-to-back wells on the UK shelf drilled by the jack-upSanta Fe Galaxy II. In this case, it is targeting Palaeocene and Jurassic sandstones.

Lundin has defined the Scolty prospect via a 3D seismic anomaly, while the Banchory prospect is a stratigraphic pinchout. Unrisked gross potential reserves are estimated at 51MMboe.

In the Norwegian sector, the company has also started drilling the Luno prospect in block 16/1-8, production license PL 338, using the semi-subBredford Dolphin. This well has been designed to test hydrocarbon potential in Middle and Upper Jurassic sandstones. Lundin assesses Luno's prospective resources at around 250MMboe.

09/10/2007

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