Lundin calls Apollo well an oil discovery

Lundin Petroleum AB says its 16/1-4 exploration well in PL338 is an oil discovery.

Offshore staff

STOCKHOLM, SWEDEN – Lundin Petroleum AB says its 16/1-4 exploration well in PL338 is an oil discovery. The Apollo prospect well is P&A’d as delineation drilling is needed.

The well reached TD of 2,550 m (8,366 ft) and is 4 km (2.5 mi) northwest of Luno and 3 km (1.8 mi) south of Draupne. The primary objective targeted the Jurassic reservoir associated with the Draupne discovery. At the same time, both the Paleocene and Upper Jurassic/Lower Cretaceous sands were sought.

Lundin says oil was encountered in both the Paleocene and Cretaceous sandstones of both secondary targets. The Jurassic sands were encountered deeper than anticipated and below the Draupne oil/water contact. Post drill mapping and log interpretation indicates that only a limited area of the Draupne discovery extends into PL338.

In the Paleocene (Heimdal formation) a 40 m (131 ft) gross oil column was encountered. At the Cretaceous level a separate 10 m (33 ft) gross oil column with excellent reservoir qualities was encountered. An additional 60 m (197 ft) of good quality Cretaceous sands were encountered below the oil/water contact and as a result there is excellent potential up-dip of the discovery.

12/01/2010

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