Lundin completes the Storm exploration well; comes up dry

Lundin completes the Storm exploration well; comes up dry

STOCKHOLM, Sweden -- Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has completed the drilling of wildcat well 33/2-1 on PL555.

The well investigated the hydrocarbon potential of the Storm prospect, which is located 200 km northwest of Floro on the Norwegian west coast and 65 km northwest of the Snorre field.

The main objective of well 33/2-1 was to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approximately 35 km to the south.

The well encountered hydrocarbons in Cretaceous and Jurassic reservoir sequences but not in commercial quantities. The well will be plugged and abandoned. The well was drilled to total depth of 4,433 m below mean sea level using the drilling rig Transocean Arctic.

Lundin Norway is the operator and has a 60% working interest in PL555. The partners are Bayerngas Norge with a 30% working interest and Fortis Petroleum Norway with a 10% working interest.