Worries that Lundin Petroleum AB (OMX: LUPE) might be about to lower the resource estimates of a portion of Johan Sverdrup any time subsided today after the firm announced data from appraisal well 16/2-11 in PL501 license. The well encountered 54 metre gross oil column of good reservoir properties in Upper and Middle Jurassic sandstone at predicted depth.
Production test in Middle Jurassic resulted in flow rates of over 2700 barrels of oil per day. The work will now shift to investigate lateral thickness and property variations as well as the establishments of an oil water contact to estimate possibility of a deeper oil-water contact in this area.
The company has now decided to delay the release of updated resources estimates most likely until the completion of 2012 appraisal program. Lundin Petroleum gained 7% for the day. Partners Statoil and Maersk were largely unaffected by the news in today’s trading
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