Lundin Petroleum AB (STO: LUPE) announced that an exploration well 16/4-6S on the Luno II prospect is a discovery with significant potential. A gross oil column of more than 40 metres of good quality light oil has been proven with oil water contact at just under 2000 metres below sea level.
The pressure reading indicates that the Luno II petroleum system is different of those in nearby Edvard Grieg and Johan Sverdrup fields. The well now goes into production testing and a resource estimate is expected in 2-3 weeks. Lundin is the operator of the license with a 40% stake in the project. It is partnered with Statoil (OSE: STL, NYSE:STO) and Premier Oil plc (LSE: PMO), both of which have a 30% chunk.
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