Norway’s Biggest Oil Find Since ‘80s Sends Lundin to Record

Bloomberg reported that Lundin Petroleum AB (TSX:LUP) increased the estimate of recoverable resources for the North Sea Avaldsnes prospect.

The market news is quoted as saying:

Lundin, which operates Avaldsnes, raised its estimate for production license 501 to 800 million to 1.8 billion barrels of recoverable oil, it said today in a statement. Should the find reach the high end of the range it would be Norway’s third biggest, it said. The results from Statoil ASA’s discovery well at Aldous Major South were used to update the estimate.

Aldous Major South and Avaldsnes are part of Norway’s biggest discovery in more than 20 years. The combined oil structure is now estimated to hold 1.2 billion to 2.6 billion barrels of recoverable oil equivalent, compared with a previous estimate of 500 million to 1.2 billion barrels, Lundin said.

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