Key Developments: Lundin Petroleum AB (LNDNY.PK)
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1 May 2013
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Latest Key Developments (Source: Significant Developments)
Lundin Petroleum AB Completes Exploration Well 7/4-3 on Carlsberg Prospect in Norway in PL459 and PL495B Shared with Tullow Oil Norge AS
Lundin Petroleum AB announced that it has through its wholly owned subsidiary Lundin Norway AS completed the drilling of wildcat well 7/4-3. The well was drilled 24 kilometers north of the Lundin Petroleum operated Brynhild field in the North Sea, offshore Norway, and approximately 22 kilometers east of the United Kingdom Everest field. The exploration well 7/4-3 was targeting the Upper Triassic and Upper Cretaceous reservoirs of the Carlsberg prospect. The well encountered no hydrocarbons and is being plugged and abandoned as a dry hole. The primary exploration target of the well was to prove petroleum in Upper Triassic reservoir rocks (the Skagerrak Formation). The Skagerrak Formation sands were not encountered. The second exploration target of the well was to prove petroleum in the Upper Cretaceous chalk reservoir. The reservoir was found at the predicted depth but was water bearing with no presence of hydrocarbons. The well is the first exploration well in PL495 and PL495B. The well was drilled to a vertical depth of 2,957 meters below mean sea level, and was terminated in the Smith Bank Formation in the Triassic. The well was drilled in water depth of 82 meters by the jack-up rig Maersk Guardian. The costs of the exploration well 7/4-3 and associated license costs will likely be expensed during the second quarter of 2013. Lundin Norway is the operator and has a 60%-working interest in PL495 and PL495B. The partner is Tullow Oil Norge AS with a 40%- working interest. Full Article
Lundin Petroleum AB Reaffirms FY 2013 Production Guidance
Lundin Petroleum AB reaffirmed fiscal 2013 production guidance and expects production guidance between 33,000 barrels of oil equivalent per day and 38,000 boe/d. Full Article
Lundin Petroleum AB Spuds Appraisal Well 16/2-21 on Johan Sverdrup Discovery in License Shared with Staoil's Statoil Petroleum AS and AP Moeller Maersk A/S's Maersk Oil Norway
Lundin Petroleum AB announced that s wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced drilling of appraisal well 16/2-21, in PL501, on the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS) in the license shared with subsidiaries of Statoil ASA and AP Moeller Maersk A/S. The well is located in the central part of the discovery, which Lundin Petroleum has previously referred to as the B location, with the objective to establish the depth, quality and thickness of the Jurassic reservoir sequences. The closest well, 16/2-7, is located approximately 2.5 kilometers (km) to the east. Well 16/5-2S is located 3.8 km to the south. The planned total depth is approximately 2,050 meters below mean sea level and the well will be drilled by using the semi-submersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 50 days. Well 16/2-21 is the first of a three-well appraisal drilling campaign at Johan Sverdrup, in PL501, to be drilled during 2013. Lundin Petroleum is the operator of PL501 with 40% interest. Partners are Statoil Petroleum AS with 40% and Maersk Oil Norway with 20% interest. Full Article
Lundin Petroleum AB Proposes No Dividend Payment for FY 2012
Lundin Petroleum AB announced that its Board of Directors has decided to propose that no dividend is declared for the financial year 2012. Full Article
Lundin Petroleum AB Spuds Exploration Well on Carlsberg Prospect
Lundin Petroleum AB announced that drilling of exploration well 7/4-3 in PL495 has commenced. The well will target the Carlsberg prospect, which is located some 24 kilometers (km) north of the Lundin Petroleum operated Brynhild field in the North Sea, offshore Norway, and approximately 22 km east of the UK Everest field. Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, is the operator and has a 60% working interest in PL495. Partner is Tullow Oil Norge AS with a 40% working interest. Full Article
Lundin Petroleum AB's Subsidiary, Statoil ASA's Subsidiary, Petoro and Det Norske Oljeselskap ASA Commence Drilling of Appraisal Well 16/2-17 in PL265
Lundin Petroleum AB announced that Lundin Norway AS, the wholly owned subsidiary of Lundin Petroleum AB, has commenced drilling of the appraisal well 16/2-17S in license PL265 operated by Statoil ASA's Statoil Petroleum with 40% interest, and with partners Petoro (30%), Det norske oljeselskap (20%) and Lundin Norway (10%). The well is located on the Johan Sverdrup discovery, in the North Sea sector of the Norwegian Continental Shelf (NCS). The main objective of the well is to investigate the Jurassic reservoir thickness, quality and distribution close to the fault approximately 1.5 km (kilometer) south-west of appraisal well 16/2-8 and 2.3 km west of appraisal well 16/2-11. The planned total depth is approximately 2,060 meters below mean sea level and the well will be drilled by using the semi-submersible drilling rig Ocean Vanguard. The drilling operation is expected to take approximately 55 days. Full Article
Lundin Petroleum AB's Lundin Norway AS Completes Jorvik Exploration Well in License PL338
Lundin Petroleum AB announced that it has through its wholly owned subsidiary Lundin Norway AS completed the drilling of exploration well 16/1-17 in PL338. The well targeted the Jorvik prospect located in a separate basin directly east of the Edvard Grieg field. The main objective of well 16/1-17 was to prove the presence of oil-bearing sandstones and conglomerates in a basin fill sequence. Based on sampling, mobile oil is in tight reservoir, consisting of conglomeratic and pebbly sandstones. The well was drilled into basement and water pressure indicates a pressure regime close to the Edvard Grieg field and the Luno South discovery. Data acquisition and sampling have been carried out in the well. The whole reservoir sequence including basement has been cored. The semi-submersible drilling rig Transocean Winner drilled the well to a total depth of 2,044 meters below mean sea level, in a water depth of 110 meters. Lundin Norway is the operator and has a 50%-working interest in PL338. Partners are Wintershall Norge AS with 30% and OMV (Norge) AS with 20%-interest. Full Article
Lundin Petroleum AB's Lundin Norway AS Spuds Well in License PL359
Lundin Petroleum AB announced through its wholly owned subsidiary Lundin Norway AS that drilling of exploration well 16/4-6S in PL359 has commenced. The well will target the Luno II prospect, which is located south of the Edvard Grieg field in the North Sea, offshore Norway. The main objective of well 16/4-6S is to prove the presence of hydrocarbons in Jurassic reservoir sandstones. Lundin Petroleum estimates the Luno II prospect to contain unrisked, gross, prospective resources of 139 million barrels of oil equivalent (MMboe). The planned total depth is 2,099 meters below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. Drilling is expected to take approximately 45 days. Lundin Norway is the operator with 40%-working interest in PL359. Partners are Statoil Petroleum AS and Premier Oil Plc both with 30%-working interest. Full Article
Lundin Petroleum AB's Lundin Norway AS Completes Appraisal Well 16/3-5 in PL501 Shared with Statoil Petroleum AS and Maersk Oil Norway AS
Lundin Petroleum AB announced through its wholly owned subsidiary Lundin Norway AS that the Johan Sverdrup appraisal well 16/3-5 located in PL501, shared with Statoil Petroleum AS and Maersk Oil Norway AS, has encountered a 30-meter gross oil column in Upper Jurassic sandstone and Permian Zechstein Group carbonate reservoir. The well is located three kilometers south of appraisal well 16/3-4 and three kilometers east of appraisal well 16/2-7, both in PL501. A comprehensive logging and coring program has been successfully completed as well as two production tests (DST). Well 16/3-5 found a 30-meter gross oil column, shallow to depth prognosis, consisting of a 14-meter Upper Jurassic sandstone of excellent quality above a 16-meter oil column in a Zechstein Group carbonate of varying reservoir quality. Two production test (DST) were conducted investigating flow properties of the Zechstein carbonate as well as the Upper Jurassic sandstone. The DST showed exceptional flow properties, better than estimated from log evaluations. DST analysis indicates a laterally continuous reservoir without any flow barriers. The well will now be plugged and abandoned. The total depth of the well is 2,025 meters below mean sea level. Lundin Norway is the operator in PL501 with 40%-interest. Partners are Statoil Petroleum AS with 40%-interest and Maersk Oil Norway AS with 20%-interest. Full Article
Norwegian Energy Company ASA and Lundin Petroleum AB to Complete Drilling of 8/5-1 Exploration Well on Ogna Prospect
Norwegian Energy Company ASA announced that the drilling of the 8/5-1 exploration well on the Ogna prospect in license PL453S in the North Sea is about to be completed. Norwegian Energy Company ASA (Noreco) has through its subsidiary Noreco Norway AS a 25% interest in the license, which is operated by Lundin Petroleum AB. The well is dry. Full Article
Lundin Petroleum drills dry well in North Sea
OSLO, March 15 - The Swedish oil company Lundin Petroleum has drilled a dry well in the North Sea, the Norwegian Petroleum Directorate said on Friday.
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