Drilling for extended well testing commenced on Alta
09 Abril 2018 - 1:30AM
Drilling for extended well testing commenced on Alta
Lundin Petroleum AB (Lundin Petroleum) is pleased to
announce that its wholly owned subsidiary Lundin Norway AS (Lundin
Norway) has commenced drilling well 7220/11-5 on the Alta discovery
in PL609 in the southern Barents Sea. Following drilling, the well
will be used for extended well testing.
The Alta discovery is located in PL609 in the southern Barents
Sea, approximately 160 km from the Norwegian coastline. The
discovery was made in 2014 and three successful appraisal wells
have been completed to date. The adjacent Gohta discovery located
in PL492 is considered a possible joint development opportunity
together with the larger Alta discovery. The combined gross
contingent resource range for the Alta and Gohta discoveries is
estimated to between 115 and 390 MMboe.
A 700 metres long horizontal well will be drilled in the oil
zone, which will improve the lateral geological understanding of
the Permian-Triassic karstified and fractured carbonate reservoirs.
The main objectives of the extended well test is to prove
sustainable production rates and reduce the uncertainty around the
recovery mechanism in this reservoir to provide the basis to
progress development studies.
The semi-submersible drilling rig Leiv Eiriksson will be used
for the drilling and testing at Alta. The well will be tested
through the rig for about two months and the produced volumes will
be flowed via a flexible flowline to a tanker. At the end of the
test, the oil and water produced to the tanker will be delivered to
the Mongstad oil terminal on the west coast of Norway. A successful
outcome of the extended well test will provide important
information to progress further appraisal drilling and field
development activities. Drilling and testing is expected to take
140 days.
Lundin Norway is the operator of PL609 with a 40
percent working interest. The partners are DEA Norge AS and
Idemitsu Petroleum Norge AS with 30 percent working interest
each.
Lundin Petroleum is one of Europe’s leading
independent oil and gas exploration and production companies with
operations focused on Norway and listed on NASDAQ Stockholm (ticker
"LUPE"). Read more about Lundin Petroleum’s business and operations
at www.lundin-petroleum.com
For further information, please contact:
Alex BuddenVP
Communications & Investor RelationsTel: +41 22 595 10
19alex.budden@lundin.ch |
or |
Sofia AntunesInvestor
Relations OfficerTel: +41 795 23 60 75sofia.antunes@lundin.ch |
or |
Robert ErikssonManager,
Media CommunicationsTel: +46 701 11 26
15robert.eriksson@lundin-petroleum.se |
Forward-Looking Statements
Certain statements made and information contained herein
constitute "forward-looking information" (within the meaning of
applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events,
including the Company's future performance, business prospects or
opportunities. Forward-looking statements include, but are not
limited to, statements with respect to estimates of reserves and/or
resources, future production levels, future capital expenditures
and their allocation to exploration and development activities,
future drilling and other exploration and development activities.
Ultimate recovery of reserves or resources are based on forecasts
of future results, estimates of amounts not yet determinable and
assumptions of management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
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phrases such as "seek", "anticipate", "plan", "continue",
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factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
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assumptions will prove to be correct and such forward-looking
statements should not be relied upon. These statements speak
only as on the date of the information and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties
relating to, among other things, operational risks (including
exploration and development risks), productions costs, availability
of drilling equipment, reliance on key personnel, reserve
estimates, health, safety and environmental issues, legal risks and
regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail
under the heading “Risks and Risk Management” and elsewhere in the
Company’s annual report. Readers are cautioned that the foregoing
list of risk factors should not be construed as exhaustive. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements are
expressly qualified by this cautionary statement.
- Lundin Petroleum - Alta EWT - V7-20180409en