Lundin Finds Oil at Luno Field

13 October 2009 (Last Updated October 13th, 2009 18:30)

Swedish oil and gas exploration company Lundin Petroleum has announced it plans to develop the Luno field discovery well 16/1-8 in Norway following successful tests. In 2007 the well was momentarily abandoned as a discovery well, with the intention to re-enter it for imminent well tes

Swedish oil and gas exploration company Lundin Petroleum has announced it plans to develop the Luno field discovery well 16/1-8 in Norway following successful tests.

In 2007 the well was momentarily abandoned as a discovery well, with the intention to re-enter it for imminent well testing (DST) and permanent abandonment but Lundin says it has discovered a flow rate up to nearly 5,700 barrels of oil a day at the well and will now produce from it early next year.

According to development plans the well, also partly owned by Wintershall Norges and RWE Dea, will be plugged permanently, Lundin president and CEO Ashley Heppenstall said.

"We are proceeding with the preparation of the field development plan for Luno in tandem with a further appraisal well in early 2010, which will allow us to optimise the development plan and potentially increase Luno recoverable reserves," Heppenstall said.