Lundin Petroleum: Johan Sverdrup appraisal well hits oil

Lundin Petroleum AB, through its wholly owned subsidiary Lundin Norway AS, announces that the Johan Sverdrup appraisal well 16/2-19 found 6 metres of good quality oil filled sandstone of lower Jurassic/upper Triassic age in the Geitungen area in the north eastern part of the Johan Sverdrup discovery.

Well 16/2-19A was drilled as a side-track approximately 1,000 metres towards south west finding 13 metres gross of low to excellent quality upper Jurassic sandstone in a more central position within the Geitungen area. The Johan Sverdrup field is located in PL501, PL265 and PL502 on the Norwegian Continental Shelf (NCS).

Appraisal well 16/2-19 was drilled approximately 2.1 kilometres north of appraisal well 16/2-12 and 3.2 kilometres south east of appraisal well 16/2-9S, both in PL265. The purpose of the well was to investigate the Jurassic presence, reservoir thickness, quality and distribution on the north-eastern edge of Johan Sverdrup discovery. The well found 12 metres of upper Jurassic spiculitic silty sandstone with no reservoir quality and 6 metres of good quality sandstone of most likely lower Jurassic/upper Triassic age. Fluid sampling indicates an oil water-contact approximately at 1927-1929 metres below sea level. These sediments are resting on a 37 metre sequence of low/non quality sediments of most likely Triassic Permian age before entering granitic basement.

Well 16/2-19A was drilled as a side-track approximatel y 1,000 metres south west of the main well, with objectives to investigate the presence of upper Jurassic Draupne high quality reservoir sandstone in a more central position within the Geitungen area. The well found 10 metres of oil filled low to medium quality upper Jurassic spiculitic silty sandstone above an oil filled 3 metre sandstone of excellent quality, most likely Draupne sandstone facies, of upper Jurassic age. These sediments are resting on a 20 metre sequence of non reservoir quality carbonate and sandstone, most likely Permian age, before entering granitic basement. No oil water contact was established.

Wells 16/2-19 and 16/2-19A were drilled using the semi submersible drilling rig Ocean Vanguard which will continue to drill a shallow gas pilot hole within PL265.

Lundin Norway has a 10 percent interest in PL265 with Statoil Petroleum as the operator with 40 percent interest. The partners are Petoro with 30 percent interest and Det Norske Oljeselskap with 20 percent interest.

Press Release, May 02, 2014

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