A subsidiary of Lundin Petroleum has announced the discovery of at least 12 million barrels of oil equivalent (MMboe) from an exploration well in the North Sea.

Lundin Norway said it found 12 to 71 MMboe at the Iving exploration well. Of this, it says around 85% is light oil. Peak flow was around 3,000 barrels of oil per day.

Lundin drilled the well with two sidetracks to give more data and a wider sample. The oil column is at least 45m thick, but the drill also encountered a 34m gas column above it.

It has installed permanent pressure gauges in the well to help assess reservoir connectivity.

Lundin found further gas and oil in the Evra well. It said further appraisal is required to estimate the potential volume held in of 8m of reservoir Eocene/Palaeocene-age injectite reservoir sands.

The semi-submersible Deepsea Bergen rig drilled the Ezra and Iving exploration well in the PL820 S license. It is 8km northwest of the Balder and Ringhorne fields, and Lundin said it will consider tying the reserve back.

MOL Norway operated the licence and has a 40% interest in the area. Lundin retains 40%, while Pandion Energy and Wintershall Dea have 10% interest each.