Petrovskaya-1 exploration well dry

The Petrovskaya-1 exploration well in the Lagansky block in the Russian sector of the northern Caspian is dry, according to Lundin Petroleum.

Offshore staff

STOCKHOLM -- The Petrovskaya-1 exploration well in the Lagansky block in the Russian sector of the northern Caspian is dry, according to Lundin Petroleum.

The well targeted a four-way dip closure prospect and reached a target depth of approximately 2,050 m (6,725 ft). The well encountered Lower Cretaceous sandstones of expected thickness and quality oil saturations in lesser quality reservoirs. The reservoirs were substantially water bearing, the company reports.

The well is being plugged and abandoned.

“While the results of the Petrovskaya-1 well are disappointing, Lundin Petroleum will continue to focus on the remaining exploration potential in the Lagansky block with the drilling of at least one further exploration well,” says Ashley Heppenstall, president and CEO of Lundin Petroleum. “In parallel, the major Morskaya discovery made in 2008 will continue to be appraised, with further drilling and the ongoing review of conceptual development options.”

11/25/2009

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