Lundin finds more oil at Alta Arctic

Norway

STOCKHOLM, September 30, 2015 – Swedish upstream company Lundin Petroleum has hit a significant hydrocarbons play in Norway’s Barents Sea at the Alta discovery, based on the results of two appraisal wells, the company reported in a Wednesday press release.

Both of the appraisal wells were drilled to a depth of 1,900 metres. Well 7220/11-3 encountered a 120-metre-thick hydrocarbons-bearing interval, of which 45 metres is oil, in rocks of good to very good reservoir quality. Well 7220/11-3 A, a geological sidetrack, was drilled approximately 400 metres southeast of the first and encountered a hydrocarbons column of 74 metres, of which 30 metres was gas and 44 metres oil in reservoir rocks of varying quality.

Preliminary estimates of the Alta discovery were between 125 million and 400 million barrels of oil equivalent, and Lundin expects to provide higher estimates based upon the new results. The company is likely to drill two more appraisal wells in the Alta field.

“All three Alta wells and the two sidetracks have proven moveable gas and oil. More importantly we have established good pressure communication between all wells indicating a connected hydrocarbon accumulation over an extensive area,” Lundin chief operating officer Alex Schneiter said.

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