Lundin Petroleum AB: Aldous Major South Appraisal Well Confirms Extension to the North

Lundin Petroleum AB (TSX:LUP) announced that the drilling of appraisal well 16/2-10 in the Norwegian North Sea has confirmed the northern extension of the Aldous Major South discovery in PL265.

As quoted in the press release:

The Aldous Major South discovery is an extension of the Avaldsnes discovery made by Lundin Petroleum in PL501.

Prior to drilling the appraisal well Statoil had estimated the gross recoverable contingent resource range for the Aldous Major South discovery of 400 to 800 million barrels of oil contained in PL265. Statoil will update the contingent resource range once the data from this appraisal well has been analysed.

Lundin Petroleum has recently updated its gross contingent resource estimate for the Avaldsnes discovery within PL501 to be 800 million to 1.8 billion barrels of recoverable oil. The Avaldsnes /Aldous Major South discovery is therefore estimated to contain gross contingent resources of 1.2 to 2.6 billion barrels of recoverable oil.

Click here to read the Lundin Petroleum AB (TSX:LUP) press release