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Lundin oil discovery more than previously thought
Friday, 21 October 2011
The oil company Lundin Petroleum AB announce that following the drilling of appraisal well 16/2-10 located in the Norwegian North Sea the operator of PL265, Statoil ASA, has announced a material increase to the resource estimates for the Aldous Major South discovery. The Aldous Major South and Avaldsnes discoveries located in PL501 are one large connected discovery.

Lundin Petroleum has previously announced a range of gross recoverable contingent resources for the Avladsnes discovery located in PL501 of between 800 and 1800 million barrels of oil. The Avaldsnes/Aldous Major South discovery is therefore now estimated to contain gross recoverable contingent resources of 1.7 to 3.3 billion barrels which is one of the largest discoveries on the Norwegian Continental Shelf.

Statoil, operator of the relevant license area, now estimates the recoverable resources to 900-1500 million barrels of oil, compared to the previous 400-800 million barrels. Lundin Petroleum holds a share of 10 percent.

Lundin Petroleum's shares rose immediately by 5.3 percent to SEK 149:80 when the Stockholm Stock Exchange opened, which means that the stock market value has now increased by about 80 percent from the beginning of the year.
At the same time also, Statoil's shares rose sharply on the Oslo Stock Exchange during the initial trade.
By Scancomark.se

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