Sweden's Lundin Petroleum AB confirms oil discovery offshore Norway

Nordic Business Report, Oct 25, 2007

NORDIC BUSINESS REPORT-25 October 2007-Sweden's Lundin Petroleum AB confirms oil discovery offshore Norway(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish oil and gas exploration and production company Lundin Petroleum AB confirmed on Thursday (25 October) an oil discovery in Norway.

The company said that its wholly owned subsidiary Lundin Norway AS (Lundin Norway), operator of production licence 338, (PL 338) offshore Norway, has concluded the exploration well 16/1-8.

The size of the discovery is estimated at between 65 mmboe and 190 mmboe of recoverable oil, the company said.

The well has not been tested but extensive acquisition of data and samples have taken place. The licensees have decided to temporarily abandon the well with a plan for future testing in conjunction with an appraisal programme.

Lundin Petroleum is the operator of PL 338 with 50% interest. Partners are Revus Energy ASA with 30% and RWE Dea Norge AS with 20% interest.

Lundin Petroleum, headquartered in Stockholm, Sweden, is an independent oil and gas E&P company with assets in Europe, Africa, Russia and the Far East. The company is listed on the OMX Nordic Exchange in Stockholm.

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