Lundin Petroleum finds oil in Norwegian Sea

Swedish company Lundin Petroleum AB said today that it has found oil by drilling the 16/1-4 wildcat on the Apollo prospect in the Norwegian Sea.
The well is located in production licence (PL) 338, where Lundin Petroleum, via its wholly-owned unit Lundin Norway AS, is operator and holds 50%.
The initial recoverable resources are estimated at between 15 million and 65 million barrels of oil.
The well, located about 4 km north west of the Luno field and 3 km south of the Draupne discovery, was drilled by the semi-submersible drilling rig Transocean Winner to a total water depth of 2.55 km. The rig will now be moved to the
PL409 licence in the North Sea to drill the Norall prospect.
An extensive data acquisition programme including detailed logs, cores and oil samples have been acquired over all the reservoirs. Based on the quality of the data acquired testing was deemed not to be necessary, the Swedish company said.
The well has been plugged and abandoned.
The other partners in PL338 are Wintershall Norge ASA, part of German group BASF SE (FSE: BAS), with 30% and RWE Dea Norge AS, a unit of of German utility RWE AG (ETR: RWE) with 20%.
Source: Press release