Lundin books Luno field reserves

Independent reserves auditor Gaffney, Cline and Associates (GCA) has assigned 95 MMboe of gross Proven and Probable (2P) reserves to the Luno field in production license PL338 in the Norwegian North Sea, according to Lundin Petroleum.

Offshore staff

STOCKHOLM -- Independent reserves auditor Gaffney, Cline and Associates (GCA) has assigned 95 MMboe of gross Proven and Probable (2P) reserves to the Luno field in production license PL338 in the Norwegian North Sea, according to Lundin Petroleum.

The reserves are evaluated based on results from discovery well 16/1-8, appraisal well 16/1-10, and initial interpretation of a seismic ocean bottom cable survey (OBS). GCA calculated the 2P reserves using an oil in place (STOIIP) of 365 MMboe and applying a recovery factor of 26% for a waterflood development.

Lundin Petroleum will be drilling a further exploration well in PL338 in the third quarter, targeting the Luno extension prospect with gross recoverable prospective resources of 241 MMboe.

Further exploration drilling in the Greater Luno Area will take place in 2009/2010 with wells planned in licenses PL359, PL410, and PL501. Conceptual development studies for the Luno field are ongoing with an objective to submit a development plan by end 2010, the company says.

“The Luno field is clearly commercial on a stand-alone basis and we are now working hard to finalize the development concept for the field,” says Ashley Heppenstall, President and CEO of Lundin Petroleum. “We remain excited regarding the further exploration potential in the Greater Luno Area which will be tested with at least four further exploration wells in 2009 and 2010.”

07/21/2009

More in Production