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Lundin Spuds Gohta Appraisal Well In Barents Sea

|Includes: DETNF, Lundin Petroleum AB (LNDNF), NRWEF

Lundin Petroleum has announced that drilling of appraisal well 7120/1-4 S located in PL492 has commenced. The well will appraise the hydrocarbon potential of the PL492's Gohta discovery, located 155 km north-west of the Norwegian coast.

The planned total depth of the well is 2,930m below mean sea level. Drilling is expected to take approximately 65 days. The main objective of the well is to test the reservoir properties and hydrocarbon potential of the Permian carbonates in the Gohta karst Røye Formation and the overlying Kobbe Formation sandstones.

The Gohta discovery well 7120/1-3 was completed in Oct-2013 and found a 25m gross gas column above a 75m gross oil column in karstified and dolomitized limestone. The well production tested approximately 4.3 Mbbl/d through a 44/64" choke. The preliminary evaluation of the gross recoverable oil and gas resources from the Gohta discovery is estimated at approximately 105-235 MMBOE.

PL492: Lundin (40%, operator), Det Norske (40%) and Noreco (20%).

In Apr-2014, Lundin Petrolem was granted permission to drill a wildcat (7120/1-4 S) in PL492 on the Gohta field, Barents Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.