Lundin lines up appraisal program for Avaldsnes

Lundin Petroleum plans to resume drilling next year on its recent Avaldsnes discovery in the Greater Luno Area of the Norwegian North Sea, in license PL501.

Offshore staff

STOCKHOLM, Sweden -- Lundin Petroleum plans to resume drilling next year on its recent Avaldsnes discovery in the Greater Luno Area of the Norwegian North Sea, in license PL501.

The company presently estimates recoverable resources in the range 100-400 MMboe. According to Ashley Heppenstall, president and CEO, “We encountered excellent reservoir quality at the well location, produced good quality oil on test, and have now mapped a large fault controlled structure which also stretches into PL265 to the west.

“The structure is very large and as a result we need to confirm the lateral continuity of the reservoir. We have already secured additional drilling rig capacity next year and will likely drill a further two appraisal wells on Avaldsnes…in 2011.

“In addition, the Avaldsnes discovery has…proven the migration of hydrocarbons to the eastern side of the Utsira High and as a result we will now likely drill further exploration wells in 2011 on the Tellus prospect in PL338 and the Torvestad prospect in PL265/PL501, followed by additional wells in PL359 and PL410 in 2012.”

Heppenstall added that Lundin was continuing development planning for the Nemo field in PL148. The partners have concluded concept selection, and a development plan should be submitted next year.

Conceptual planning for the Krabbe field in PL301 and last year’s Marihøne oil discovery in PL340 (WI 40%) should also be completed during 2011.

Marihøne has estimated recoverable resources of 20-30MMboe, and will likely be developed as a subsea tieback to the Marathon-operated Alvheim FPSO. Heppenstall also expected a further exploration well targeting the Caterpillar prospect in PL340BS to start drilling in late 2010.

11/05/2010

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