Lundin estimates Morskaya structure resource potential

Lundin Petroleum's preliminary estimates indicate gross recoverable resources between 110 and 450 MMbbl of oil in the Lagansky part of the Morskaya structure in the Caspian Sea.

Offshore staff

STOCKHOLM -- Lundin Petroleum's preliminary estimates indicate gross recoverable resources between 110 and 450 MMbbl of oil in the Lagansky part of the Morskaya structure in the Caspian Sea. Lundin Petroleum's mid-case estimate is 230 MMbbl of oil. Approximately 50% of the Morskaya structure is in the Lagansky block and therefore the mid-case estimate of the size of the discovery is close to half a Bbbl of oil, the company says.

Further appraisal drilling will be needed to assess the full extent of the hydrocarbon reservoirs across such a large structure, the company says. Drilling of the first appraisal well on the Morskaya structure is scheduled for 2009 and acquisition of 3D seismic has started.

The Lagansky block contains significant additional prospectivity and the Marine Drilling Complex (MDC) is currently drilling the Laganskaya-1 well, situated southwest from Morskaya. The Petrovskaya-1 exploration well will be drilled in 2009.

10/07/2008

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