Tellus Discovery Confirms Additional Resources in IN PL338, Offshore Norway

Thursday, May 19, 2011

Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB (Lundin Petroleum), operator of PL338, has completed the sidetrack well 16/1-15A on the Tellus prospect.

The objective of well 16/1-15A was to further appraise the Tellus discovery located in Block PL338. The well proved a 50 meter oil column including a thin lower Cretaceous sandstone with excellent reservoir quality overlaying fractured basement.

The initial gross contingent resource range for the Tellus discovery is estimated at between 11 to 55 million barrels of oil equivalent (MMboe) of which approximately 90 percent is oil. This contingent resource range has been independently audited by Gaffney Cline and Associates (GCA). The Tellus discovery will be included in the Luno development program.


Well 16/1-15A was drilled to a vertical depth of 1,986 meters below the sea level using the semi-submersible drilling rig Bredford Dolphin.

Lundin Petroleum is the operator of PL338 with 50 percent interest. Partners are Wintershall Norge ASA with 30 percent and RWE Dea Norge AS with 20 percent interest.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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