Lundin, Statoil new oil finds bode well for Johan Sverdrup field

Lundin Petroleum (LNDNF) and Statoil (STO) have hit oil while drilling test wells at the giant Johan Sverdrup field in the North Sea, an encouraging sign for the evaluation of its contents.

Lundin found a 54-meter column of which 13 meters were of very good reservoir quality; partner Maersk Oil said the well test was "the best ever."

STO encountered a 4.5 meter oil column at the edge of the field and will drill a sidetrack well to evaluate the section further.

Johan Sverdrup may contain up to 2.9B boe which, if confirmed, would make it the third-largest oil discovery made offshore Norway.

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Comments (3)
  • Michael Fitzsimmons
    , contributor
    Comments (11851) | Send Message
    Good Action! STO is a sleeping giant whose exploration team has arguably delivered the best discovery results of any IOC over the past few years. Stock could easily double in 4-5 years while paying one of the best dividend yields of its peer group:

    27 Mar 2014, 09:30 AM Reply Like
  • deercreekvols
    , contributor
    Comments (9849) | Send Message
    Great call on (STO), Mr. Fitzsimmons.


    Long (STO).


    Stolt over å være norsk
    27 Mar 2014, 04:38 PM Reply Like
  • DougRk
    , contributor
    Comments (1925) | Send Message
    @mike, how does the stock price move on earnings when earnings are taxed so heavily?
    29 Mar 2014, 07:06 PM Reply Like
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