Lundin strikes oil in Caspian Sea

The Morskaya-1 exploration well in the Lagansky block, northern Caspian Sea has encountered a major oil accumulation in the Aptian and Neocomian sandstone reservoirs, according to Lundin Petroleum.

Offshore staff

STOCKHOLM -- The Morskaya-1 exploration well in the Lagansky block, northern Caspian Sea has encountered a major oil accumulation in the Aptian and Neocomian sandstone reservoirs, according to Lundin Petroleum. Minor amounts of gas were encountered in the overlying Albian reservoir.

The well was drilled to a depth of 2082 m (6,831 ft) in a water depth of less than 2 m (6.5 ft). A significant amount of cores, wireline logs, and reservoir fluid samples have been acquired; the company now plans to test at least two of the well's hydrocarbon bearing reservoirs.

Following testing of the Morskaya-1 well, the Marine Drilling Complex (MDC) will be transported to the Laganskaya-1 well, where drilling is expected to begin at the end of September.

Lundin Petroleum plans to drill another two wells in 2009. The Petrovskaya-1 well will target a large anticline to the northwest and on trend with the Morskaya discovery. The second well will most likely be an appraisal well of the Morskaya discovery, according to the company.

07/03/2008

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