Lundin Petroleum (OMX: LUPE) has backed down nearly 15% this morning after the company notified the stock exchange on data acquired from Avaldsnes appraisal well drilled to delineate the southern flank of the Avaldsnes discovery. Lundin Petroleum’s far larger partners Statoil (40%) and Maersk (20%) are also under some pressure in early trading.
The top reservoir was found deeper than expected and was currently evaluated as unproducible. More research is required to determine if this is a local phenomenon. Revised resource estimate will be released upon the completion of the next appraisal well in around 1.5 months. The company currently estimates that the impact of this well on the southern extent of the discovery is a reduction of current resource estimates.
No comments:
Post a Comment